Insurance industry in Canada hurting from extreme weather

Canada flood insurance industry

The large number of severe storms have been taking their toll on insurers across the country. A growing number of signs of uncertainty have been popping up in the insurance industry in Canada following the storms that have been striking various areas causing flooding, hail, winds, and other damaging weather events. This was topped off when one of the major banks in the country came out with one of its own early warning signs. Only weeks after the province of Alberta was struck with historic flooding, during which time the…

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Insurance industry feeling pressure of more frequent natural disasters

layoff employment Insurance Industry - Alberta, Canada

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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Insurance industry cautions that weather disasters on the rise

Canada flood insurance industry

Officials in Canada are cautioning consumers and insurers that storms are getting stronger. The Insurance Bureau of Canada (IBC) has released a statement that cautions the insurance industry that the severity, frequency, and therefore the cost of extreme weather in the country is on the increase. It also noted that Alberta has experienced the greatest increase in severe weather occurrences. According to Don Forgeron, from the IBC, “The insurance industry claim payouts are the canary in the coal mine.” The amount of damage caused by severe weather events, and the…

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Insurance industry regulator in Canada loses data of thousands of individuals

insurance industry canada data loss

The information of approximately 52,000 people was lost by the industry body through a portable device. An insurance industry regulator, the Investment Industry Regulation Organization of Canada, has announced that it will be increasing its internal security right away following the loss of the personal data of brokerage firm clients. The regulator issued a warning to the brokers and their clients regarding the loss of the data. What this insurance industry body shared was that one of its personnel had allowed a “portable device” to go missing. That machine contained…

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