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Climate change and storm responsiveness dominated the news this week.

Climate change and storm responsiveness dominated the news this week, as insurers assisted NB residents after a storm hit the province last week. Catastrophe insurance data provider PERILS announced a strategic alliance with CatIQ. And in a response to the sharing economy, Aviva Canada announced it is introducing home-sharing coverage.

Canada’s insurers ready to help NB recover from ice storm: IBC
New Brunswick insurance providers are closely monitoring recent ice storm damage resulting from power outages and freezing rain in northeastern New Brunswick. “Like all New Brunswickers, our primary concern is the safety and sheltering of the people affected by the storm,” says Amanda Dean, vice president, Atlantic, Insurance Bureau of Canada (IBC). “IBC is in contact with representatives from insurance companies, brokers, and officials from the province’s Emergency Measures Organization.”

PERILS enters strategic alliance with CatIQ
PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has today announced that it has entered a strategic alliance with Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ) to provide industry loss data for Canada via the PERILS Industry Loss Index Service. With immediate effect, PERILS will make available industry loss data for any natural catastrophe event in Canada causing a market loss of CAD 300m or above. This includes all natural perils which Canada is exposed to, such as earthquakes, floods, various types of storms, wildfires, and volcanic eruptions.

Aviva Canada offers insurance for home sharing
With the rise of the sharing economy and peer-to-peer online services, especially those that help consumers rent their homes and cottages, Aviva Canada is pleased to offer insurance coverage for home-sharing across Canada starting February 1, 2017. Home-share, a short-term accommodations marketplace that connects hosts with guests through an online platform or website continues to increase in popularity. Rental networks such as Airbnb, Corporate Housing by Owner (CHBO), Flipkey, HomeAway, Roomorama, VRBO and Wimdu already cite millions of listings worldwide. To ensure consumers are protected, Aviva Canada is offering hosts two home-share coverage options that can be tailored to meet their rental needs.

Reinsurers face challenging market conditions: Novarica
In a reinsurance market made competitive by years of soft market conditions followed sharp hardening periods, huge losses from man-made and natural catastrophes, and open-ended liabilities like asbestos and terrorism, coming up with creative technology solutions is increasingly important for reinsurers. In its latest Business and Technology Trends report, research and advisory firm Novarica provides an overview of the reinsurance business and technology landscape for 2017 and beyond.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.