Tag: insurance bureau of canada

Canadian insurance officials issue recommendations regarding self-driving cars

Julie Campbell
Technology - Self-Driving Cars

The Insurance Bureau of Canada is looking at the future of automated vehicles directly in the face. The Insurance Bureau of Canada (I.B.C.) has issued recommendations regarding self-driving cars and their impact on the industry. The I.B.C. recently released a position paper in which it addressed the issue of automated vehicles. The I.B.C.’s paper was titled, “Auto Insurance for Automated Vehicles: Preparing for the Future of Mobility.” This focus on self-driving cars was published during the bureau’s annual Regulatory Affairs Symposium. The paper looked into the auto insurance industry and…

Read More

Canadian flooding may leave homeowners paying out of pocket

Julie Campbell
canadian flooding overland insurance

Heavy rains soaked huge portions of Ontario and Quebec as well as British Columbia and New Brunswick. The Canadian flooding from last week’s record level rains caused water levels to rapidly rise and enter thousands of homes. The lack of flood insurance among homeowners now means that many Canadians will be paying for cleanup and repairs out of their own pockets. Residential flood insurance only recently became available to homeowners in the country. Only between 10 and 15 percent of insured homeowners have overland flood insurance, says Insurance Bureau of…

Read More

Natural disaster damage is causing the insurance industry to struggle

Julie Campbell
Natural Disaster damage insurance trends

Insurers are facing growing challenges with the cost of environmental catastrophes from fire to flooding. A new statement from the Insurance Bureau of Canada has underscored the challenges caused by natural disaster damage to insurers. The insurance companies in Canada are struggling with a rising number of environmental catastrophes. The statement pointed out that the most at-risk property owners will likely find themselves paying more for coverage. This situation is hardly one that is exclusive to the country as insurance companies worldwide face costly challenges. The Insurance Bureau of Canada’s…

Read More

Fort McMurray wildfire insurance costs will be highest in the history of Canada

Julie Campbell
Fort McMurray wildfire

The Insurance Bureau of Canada estimates a total insured loss of approximately $3.58 billion. The tremendous Fort McMurray wildfire that ripped through the region in Alberta, Canada was the costliest in the country’s history. No other disaster brought such great expense to insurance companies. The Insurance Bureau of Canada (IBC) estimates a total cost of $3.58 billion. Canadian insurance companies have never faced an cost that large from any single disaster in history. The IBC issued a report based on information collected through a survey of insurance companies. With this…

Read More

First mobile units with insurance adjusters head to Fort McMurray, Canada

Julie Campbell
Fort McMurray wildfire insurance adjusters

As the wildfire that has eaten much of the city begins to move in a new direction, insurers are sending in teams. On Sunday, the massive wildfire nicknamed “the beast” started to stabilize after causing catastrophic devastation in the Canadian city of Fort McMurray, and insurance adjusters are now being deployed in mobile response units being flown in from across the country. This will be the initial wave of experts who will start to assess the widespread damage to Fort McMurray. The majority of insurers have natural disaster and crisis…

Read More