Although much of the damage caused by the Pine Lake tornado was insured, the Alberta government has set aside funds to pay for uninsured losses and to cover emergency service expenses. The multimillion-dollar relief package includes an automatic $3,000 award to each adult and $750 to each child affected by the tornado. The package also includes $5,700 per family to cover the funeral expenses of the 11 who died. Claims for losses not insured will have to be proven, a process Alberta’s Municipal Affairs Minister, Walter Paszkowski says “could take weeks, even years, to settle”.
Will reinsurance capacity be stable in Canada after record-breaking NatCat losses?
Though 2024’s reinsurance renewal season started off stable compared to 2023, this summer’s record-breaking insured losses from four major Nat Cats will undoubtedly see growth in Canadian carriers’ reinsurance demand. But reinsurance supply may not grow commensurately, experts tell Canadian Underwriter. Beyond Canada, global insured Cat losses could be the factor that makes or breaks […]
By Alyssa DiSabatino | September 23, 2024
2 min read
