Canadian insurers draw attention to issues concerning flood insurance coverage Insurance executives from 13 firms in Canada claim that access to comprehensive flood insurance protection in the country is inadequate. Executives recorded their opinions on the matter as part of a survey focused on the impact of devastating floods that recently struck Alberta and Toronto earlier this year. Flood disasters are becoming more common throughout Canada and executives believe that appropriate flood insurance coverage will not be available to consumers unless major action is taken on the matter. Alberta and…
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Homeowners insurance claims to be revisited in wake of Calgary floods
Homeowners insurance sector sees harsh criticism come from consumers Over the past week, floods have become a major issue for the city of Calgary in Alberta, Canada. The city has fallen victim to flash floods that were caused by heavy rainfall earlier in the week. Heavy rains caused the Bow and Elbow rivers to overflow, flooding nearby neighborhoods and causing mandatory evacuations in some parts of the city. These floods became even more problematic due to sewage backups that exasperated the issue. The disaster has put a great deal of…
Read MoreInsurance industry feeling pressure of more frequent natural disasters
Severe natural disasters are causing problems for the insurance industry Severe natural disasters have been being reported in greater frequency around the world. Recent storms in the U.S. have put major strain on the insurance industry, but this is not a trend unique to the country. The Insurance Bureau of Canada has taken note of the increasing severity of weather-related disasters and has announced that it believes such disasters will become significantly more frequent in the coming years. Whether the insurance industry is capable of withstanding a high frequency of…
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