19 Results for insurance

Insurance Bureau of Canada (IBC) has joined the Intact Centre on Climate Adaptation at the University of Waterloo and the City of Toronto to launch a pilot Toronto Home Resilience Program. The pilot program, open from July to September of this year, will provide emergency preparedness and flood risk reduction education to up to…

July 11, 2018 @ 10:08am

Scientists have developed a detailed analysis of how 22 recent hurricanes would be different if they formed under the conditions predicted for the late 21st century. While each storm's transformation would be unique, on balance, the hurricanes would become a little stronger, a little slower-moving, and a lot wetter. In…

May 22, 2018 @ 7:49am

Guelph, Ontario-based insurance and investment co-operative, The Co-operators, has announced the addition of storm surge coverage to its Comprehensive Water product. Waves caused by storms and hurricanes, known as storm surges, present a significant flood risk, especially in coastal regions where extreme weather patterns have noticeably intensified with the changing…

May 07, 2018 @ 9:39am

Following on last week’s announcement from the Insurance Bureau of Canada (IBC) regarding Atlantic Canada flooding, the IBC has released an online tool to increase consumer knowledge of home insurance coverage from water infiltration. Accessible on the Infoinsurance.ca web site, this online animation tool features a home beset by all kinds of…

January 22, 2018 @ 9:39am

The Town of Minto, Ontario, population 8,300, experienced a significant rainfall event during the early morning hours of June 23, 2017. The rainfall resulted in widespread flooding throughout the Town of Harriston. A declaration of an emergency was made by Mayor Bridge at 10:04 hours on June 23 which lasted…

September 15, 2017 @ 12:42pm

The Institute for Catastrophic Loss Reduction reports that better coordination and enforcement of municipal efforts to curb private lot flood risk is needed. The report, released in May, found that to better manage inflow and infiltration (I&I) of private residences, municipalities should empower coordination and enforcement measures. “Mandatory measures,” wrote authors…

June 14, 2017 @ 1:14pm

The Insurance Bureau of Canada has released a statement on flooding and insurance coverage in the province of Quebec. The statement is in response to the flooding that has occurred in several Quebec regions in the past weeks. The Insurance Bureau's aim is to provide understanding for residents of flooded regions regarding…

May 12, 2017 @ 9:50am

British Columbia has announced that Disaster Financial Assistance (DFA) is now available to eligible British Columbians in the central region who may have been impacted from the flooding that began on May 4th, 2017. DFA is available to home owners, residential tenants, small business owners, farmers, charitable organizations, and local…

May 08, 2017 @ 1:03pm

The City of Markham, Ontario, has urged the insurance industry to consider city flood control measures when setting home insurance rates. Over the past three years, home insurance costs have increased across Canada, and in Markham, by approximately 15 to 20 per cent. During that time, the city has that…

April 28, 2017 @ 9:46am

Alert Labs Inc., designer of the Flowie water sensor and Floodie companion sensor, which help to protect homes from flood damage and to provide minute-by-minute water use information, has announced an investment by Intact Ventures, the strategic venture arm of Intact Financial Corporation, Canada’s largest provider of property and casualty…

April 24, 2017 @ 10:26am

In Canada, overland flooding costs the Canadian economy more than any other kind of natural hazard. It is the single largest draw on the Disaster Financial Assistance Arrangements (DFAA). In an effort to improve Canada's resiliency to flooding, the federal government has released the first of a series of guidelines…

March 07, 2017 @ 2:50pm

A report from the CBC has brought to a light a poll conducted on behalf of Public Safety Canada in summer 2016, which found that 40 per cent of respondents agreed with the statement: “The government will take care of me and my home if there’s major overland flooding.” The…

January 25, 2017 @ 9:36am

From the wildfires that swept through Fort McMurray in May to the floods that devastated parts of Nova Scotia and Newfoundland over Thanksgiving weekend, severe weather had a huge impact on Canadians in 2016. According to Catastrophe Indices and Quantification (CatIQ), insured damage for 2016 topped $4.9 billion—smashing the previous…

January 09, 2017 @ 8:22am

A new report from the Intact Centre on Climate Adaptation out of the University of Waterloo finds all 10 provinces and Yukon are ill-prepared for flooding as a result of climate change. The report, Climate Change and the Preparedness of Canadian Provinces and Yukon to Limit Potential Flood Damage, surveyed 103 government representatives…

October 31, 2016 @ 11:15am

The Federal Emergency Management Agency (FEMA) announced on Thursday its first-ever reinsurance agreement under the National Flood Insurance Program (NFIP). The agreement will allow the NFIP to share flood risk with private reinsurance companies to help defray the cost of claims from large and unexpected insured events, such as large hurricanes,…

September 23, 2016 @ 11:32am

The federal, provincial and territorial governments have developed a resource, the Emergency Management Framework for Agriculture, to improve Canada’s ability to address risks and emergencies, from prevention to recovery, and to strengthen the resilience, sustainability and competitiveness of the agriculture sector. Within that Framework, a risk analysis was conducted, identifying four key areas…

September 07, 2016 @ 12:07pm

At a meeting hosted by the Economic Club of Canada in Calgary this week, the Insurance Bureau of Canada (IBC) told the audience that Canada needs a national flood program. "Extreme weather events driven by climate change have increased in frequency and severity," said Don Forgeron, president and CEO, IBC. "Storms…

November 27, 2015 @ 9:13am

Experts from the Canadian insurance industry and local municipalities gathered on Friday, November 20, 2015 at a forum hosted by Burlington mayor Rick Goldring to discuss the challenges and opportunities associated with setting up an affordable residential overland flood insurance product in Ontario. The meeting brought together about 50 people,…

November 24, 2015 @ 3:07pm

Forty per cent of all home insurance claims are a result of water damage, says data from insurance provider Aviva Canada Inc. Additionally, the average cost of a water damage claim rose 160 per cent, from $5,423 in 2000 to over $14,000 in 2010. "Water damage to the home is…

April 04, 2011 @ 9:20am