Alberta: Canada’s poster child for climate risk

Reinsurers are particularly concerned about Alberta, where weather storms have been fiercer and less predictable than a bucking bronco.

Reinsurers are particularly concerned about Alberta, where weather storms have been fiercer and less predictable than a bucking bronco.

Published on Canadian Underwriter | By David Gambrill

Hail storm in Red Deer, Alberta

Once considered a relatively safe place to park cap­ital in a world beset with large-scale catastrophes, Canada is now under scrutiny by the reinsurance community as a place fraught with its own share of natural catastrophe risk.

The province is quickly becoming Canada’s poster child for climate risk. Eight out of the 11 most expensive natural catastrophes to hit Canada since 1983 swept through some portion of Al­berta; those eight catastrophes accounted for $9.1 billion in claims damage.

They included floods, fires, hail and windstorms; excluding wildfires, a significant chunk of the storm loss activity clus­ters in the geographic corridor between the ma­jor urban centres of Calgary and Edmonton.

Canada is now under scrutiny by the reinsurance community as a place fraught with its own share of natural catastrophe risk.

Read entire article Alberta: Canada’s poster child for climate risk | Canadian Underwriter

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