Wild and wacky weather events like atmospheric rivers, derechos and bomb cyclones may seem new because of recent media coverage, but they’ve been known and named phenomena for quite some time in the history of meteorology and atmospheric science, speakers said Tuesday at the CatIQ Connect conference.
The best way to get consumers to buy earthquake insurance in provinces like Quebec is to find a balance between highlighting the benefits of early intervention and not making the narrative too scary, a research social scientist told delegates at CatIQ Connect.
After undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests.
“I can tell you this because I’m an actuary — for the most part, we like to hide those signals in our price in our proprietary risk models, which really leads to a problem of asymmetric knowledge. We know more than [our clients] do.”
Canada’s seen US$54 billion in economic losses due to weather events since 2010, Steve Bowen, Aon global head of catastrophe insight, told CatIQ’s Feb. 10 webinar, Catastrophes: Past, Present and Innovative Paths Forward.
Urbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at December 2’s CatIQ Connect conference.