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…
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Fort McMurray wildfire insurance costs will be highest in the history of Canada
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 MoreInsurance claims pouring in with Arthur rains
The Atlantic coast of Canada was pummeled with heavy downpours and high winds from the post-tropical storm. The insurance claims are already beginning to be filed in waves that were nearly as heavy as those off the coast following the rampage from post-tropical storm Arthur as it made its way through the Canadian Maritimes. Agents are asking residents of the affected provinces to please be patient and review to their policy coverage. The majority of homeowners insurance policies do cover wind damage, which does not fall under the definition of…
Read MoreInsurance news in Canada shows criticism of insurer influence
The IBC has responded by rejecting any accusations of having a “steering” policy. The Insurance Bureau of Canada (IBC) has found itself in the insurance news spotlight, as it faces criticism suggesting that insurers are steering their policyholders toward certain specific body shops in order to be able to have their vehicles repaired following a collision. Those accusations are being outright dismissed by the IBC, saying that they are untrue. The IBC’s vice president, Atlantic, Amanda Dean released an insurance news statement that said that insurers do not have “steering”…
Read MoreFlood insurance costs from Alberta most expensive ever
The IBC has called last June the most costly covered natural disaster in the history of Canada. The Insurance Bureau of Canada (IBC) has just released a report that has indicated that the most recent PCS-Canada figures, with estimates that state that the flood insurance and other coverage payouts for the flooding in southern Alberta have now broken the $1.7 billion mark. This figure makes the natural disaster in the province the most costly that the country has ever seen. According to the vice president of Western and Pacific at…
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