NatCat Navigations: 2024 insured NatCat losses could reach $9 billion by end of year, says ICLR executive
Toronto, Ontario — According to recent reports, Canada’s property and casualty insurance industry is set to pay close to $9 billion in natural catastrophe (NatCat) losses by the end of the year. As noted by Canadian Underwriter on its webinar, ‘Canada in a de-globalized world,’ which occurred last Thursday: “thus far, the official tally in […]
Insurance Rates Feel the Heat: British Columbia summer wildfires result in $720 million in insured damages
Victoria, British Columbia – According to a recent report made by the Insurance Bureau of Canada, this summer’s wildfires in the Okanagan and Shuswap areas of British Columbia have resulted in over $720 million in insured losses. This data–taken from initial estimates made by Catastrophe Indices and Quantification Inc. (CatIQ)–represents the most costly insured event […]
Cataclysmic Cash-Outs: Severe summer storms in Alberta and Prairies have resulted in $300 million in insured losses
Calgary, Alberta – It’s raining more than cats and dogs according to recent Insurance Bureau of Canada (IBC) reports. Initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ) indicate that the past few months of storms in Alberta and the Prairies have generated over $300 million in insured losses. When calculating these losses, estimates were […]
Derecho Damages: May windstorm sixth worst insured loss event in Canadian history, says IBC
Peterborough, Ontario — The repair bill from the May 21 derecho storm that swept through Quebec and Ontario is in the process of being tabulated, but the Insurance Bureau of Canada (IBC) is already confident in declaring the storm to be the sixth most costly insured loss event in Canadian history. Initial estimates from Catastrophe […]
Barrie Unburied: IBC estimates $100 million in insured damage from Barrie tornado
Barrie, Ontario — New estimates from the Insurance Bureau of Canada show that Barrie, Ont. and its surrounding communities were hit harder by July’s tornado than previously thought, as the city continues rebuilding the newly estimated $100 million in insured damage. On July 15, a tornado swept through Barrie and its neighbours of Innisfil, Kawartha […]
More than a Drizzle: Summer storms in the prairies total $120M in damage, according to IBC
Edmonton, Alberta — The Insurance Bureau of Canada (IBC) has been tallying up damage costs and has found that the prairies have taken a hit of $120 million in insured damage this summer, following two significant storms. Strong winds, hail and rain on July 22 caused $56 million in insured damage, while severe storms on […]
March Madness: Storm in March caused $50-million in insured damage in eastern Canada
Toronto, Ontario — A storm that moved across eastern Canada from March 26 to 29, caused $50 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Damage reports associated with the storm that brought heavy rain and strong winds spanned the region, from basements being flooded in southern Ontario […]
