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Monthly Archives: January 2020

Biggest insurance losses in 2019

Last year, insured damage from severe weather events reached $1.3 billion. According to the Insurance Bureau of Canada, no single event in 2019 caused the high amount paid out for losses. Instead, they claim that the high-cost losses are a result of several smaller severe weather events across Canada rather than one devastating weather event.

In October 2019, a Halloween storm caused severe wind and water damage across Ontario and Quebec. At $250 million, it was the most costly weather event for insurers. The storm hit the Niagara region and Montreal hardest, and these areas suffered the most damage.

Flooding in Quebec and New Brunswick in April and May of 2019 was the second-most costly weather event, resulting in $208 million in insured damage. The flooding was caused by high water levels from snowmelt and rain on the Ottawa and Saint John rivers.

The hail storms that hit Western Canada in July and August were the third costliest weather event of 2019, costing $181 million.

Source: https://www.canadianunderwriter.ca/catastrophes/canadas-biggest-insurance-losses-in-2019-1004172953/

 

IBC reveals list of most frequently stolen vehicles in Canada

Auto theft continues to be an issue in Canada with car thieves becoming more technologically capable than ever before. According to the Insurance Bureau of Canada’s annual list of most frequently stolen vehicles, car thieves now rely on technology to bypass vehicle security systems. The increasing amount of vehicles with keyless entry fobs has increased electronic auto theft, as thieves are able to evade these security systems.

According to this year’s list of the top 10 most stolen vehicles in Canada, Ford trucks with a pre-2007 model year make up the majority of the list. These vehicles do not have ignition immobilizers, which prevent hotwiring. The Insurance Bureau of Canada also states in its report that auto theft costs Canadians approximately $1 billion each year, which includes the $542 million that insurers pay to fix or replace stolen vehicles.

For further information on how your vehicles ranks, contact your insurance representatives.

Source: https://www.insurancebusinessmag.com/ca/news/auto-motor/ibc-reveals-list-of-most-frequently-stolen-vehicles-in-canada-193879.aspx