Insurance Bureau of Canada News

Northern Alberta Wildfire Costliest Insured Natural Disaster in Canadian History

The insured property damage from the May 2016 northern Alberta wildfire is estimated to be $3.58 billion, according to Catastrophe Indices and Quantification Inc. (CatIQ) and the Insurance Bureau of Canada (IBC). It is by far the costliest insured natural …

Insurance Bureau of Canada Lists Top 10 Most Stolen Vehicles

The Insurance Bureau of Canada (IBC) has published its annual Top 10 Most Frequently Stolen Vehicles list. Once again, Ford trucks and expensive SUVs figure prominently. However, this year, organized criminals have taken a different approach hoping to avoid being …

Cargo Theft Target of Expanded Insurance Bureau of Canada Program

The Insurance Bureau of Canada (IBC) and Canadian Trucking Alliance (CTA) have joined forces with four large Ontario police services to launch a national program to fight cargo theft. The rapidly escalating crime is costing Canadians up to $5 billion …

Canada Insurers Pay Out Record $3.2B Due to Severe Weather

The December 2013 ice storm in southern Ontario and eastern Canada resulted in $200 million in insured losses and pushed the year-end severe weather insured loss total to $3.2 billion, which is the highest in Canadian history, reports Insurance Bureau …

Canada Not Prepared for a Major Earthquake, New Study Warns

A new scientific study on the impact of a major earthquake in Canada, released in Ottawa today by Insurance Bureau of Canada (IBC), leaves no doubt that Canada is not prepared to handle a major earthquake, which could happen at …

Alberta Floods Pegged Canada’s Costliest Natural Disaster

The massive floods that devastated swaths of southern Alberta in June are estimated to be the costliest natural disaster in Canadian history, with the Insurance Bureau of Canada pegging the property damage at C$1.7 billion ($1.65 billion). The bureau, which …

Insurance Bureau of Canada Launches VIN Verification Service to ID Flood-Damaged Cars

To protect consumers, Insurance Bureau of Canada (IBC) and its member insurance companies have compiled a database of flooded vehicles that have been reported and branded as non-repairable due to flooding across southern Alberta and the Greater Toronto Area. Severe …

Another Billion Dollar Year in Severe Weather Damages for Canada’s Insurers

For the third time in the last four years, Insurance Bureau of Canada (IBC) reports that the estimated insured damage caused by severe weather across Canada has topped $1 billion. These numbers reflect the estimates reported by Property Claim Services …

Sandy Causes $100M Property Damage in Canada

Insurance Bureau of Canada (IBC) reports that the estimated insured property damage caused by the recent Superstorm Sandy that hit Ontario and part of Quebec amounts to approximately $100 million. This is a preliminary estimate reported by Property Claim Services …