Latest news with #CraigStewart
CTV News
a day ago
- Climate
- CTV News
The cost of extreme weather and the challenge for insurance
Taking Stock From wildfires to flash floods - extreme weather is damaging, dangerous, and expensive. Amanda Lang takes a deeper look - by the numbers. As insurance costs rise, more and more people may struggle to afford it … making the future even more precarious when it comes to extreme weather. Amanda talks it over with Craig Stewart, Vice President of Climate Change and Federal Issues at the Insurance Bureau of Canada.
The Herald Scotland
24-07-2025
- Business
- The Herald Scotland
Scottish pioneer in landmark hydrogen transport deal
Logan Energy, based near Edinburgh, is to boost the roll-out in Sarawak, following the signing of a landmark Memorandum of Understanding with Malaysian company H2 Energy Sdn Bhd. By "combining Logan Energy's extensive hydrogen experience and expertise with H2 Energy's local knowledge and operational capabilities, the two organisations are uniquely positioned to deliver hydrogen infrastructure projects in the region", the firm said. One such project is the Kuching Urban Transport System (KUTS), which will provide the 700,000 residents of Greater Kuching with a hydrogen-powered public transportation network. The occasion of the signing of the agreement. (Image: Logan Energy) H2 Energy has already delivered a hydrogen energy system at Long Loyang Clinic, which is powering critical services for over 2,000 residents in the rural, off-grid village. Logan Energy will support scaling the technology, potentially impacting tens of thousands of people living in rural communities across Sarawak. Ms Sandra Liz Hon, Executive Director of H2 Energy Sdn Bhd, said: 'This collaboration supports Sarawak's ambition to lead Asean's hydrogen economy while creating skilled jobs and delivering sustainable growth for local communities.' READ MORE: Craig Stewart, business development director at Logan Energy, said: 'The success of a hydrogen infrastructure project isn't measured the day it's switched on. 'It's measured by its long-term reliability, efficiency, and low maintenance costs. Achieving that requires local skills, and building that capability will be a key focus of our collaboration with H2 Energy.' The MoU between Logan Energy and H2 Energy was signed in the presence of Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, Deputy Prime Minister Datuk Seri Fadillah Yusof, Deputy Premier Datuk Amar Dr Sim Kui Hian, and Datuk Dr Hazland. Logan Energy is a designer, supplier, and integrator of complete hydrogen production, refuelling, compression, storage, dispensing, and fuel cell solutions. The company has recently developed an innovative way of integrating systems to deliver flexibility, optimisation, and cost savings, while enhancing performance, reliability, and ease of use. Hydrogen refuelling stations in Scotland and the Czech Republic will be the first to benefit from these innovations when they are commissioned later this year.
Hamilton Spectator
21-07-2025
- Business
- Hamilton Spectator
Rebuilding, recovery after disasters needs to be better managed: insurance bureau
TORONTO - The Insurance Bureau of Canada is calling for national discussions about how to better manage rebuilding after disasters as their cost and frequency grow. The bureau is asking the federal government to lead talks with provinces on disaster recovery as efforts to rebuild Jasper, Alta., encounter delays a year after a wildfire destroyed about a third of the town's buildings. The calls come as July 22 marks one year of the Jasper wildfire, which caused an estimated $1.2 billion in insured damage. It was just one of several disasters last year that caused about $8.5 billion in combined insured damage to make it by far the costliest year on record. Costs have climbed as climate change has helped make extreme weather events more frequent and damaging, while the cost of building materials and other factors have also contributed to the increase. The higher costs of rebuilding also comes as it's taking longer to get repairs going. Almost a year after the Jasper wildfire, IBC says officials have only issued rebuilding permits for 56 of the 358 buildings that burned down. The rebuild is going much slower than it did after the 2016 Fort McMurray wildfire, which saw much of the reconstruction start within the first year, despite it being the most costly wildfire event in Canadian history with some 2,400 structures destroyed. 'Delays that prolong the rebuilding process, like we are seeing in Jasper, are occurring more frequently in Canada after large catastrophic events,' said Craig Stewart, vice-president of climate change and federal issues at IBC, in a release issued ahead of the one-year anniversary. As delays in Jasper continue, the bureau is warning that some residents could run out of additional living expenses coverage and many businesses could use up their business interruption coverage. Part of the issue on delays is the added regulation from the town being in a national park and the extra remediation rules, but Stewart said a lack of co-ordinated and standardized response is also an issue. 'Canada needs a federal co-ordinating agency to guide emergency preparedness and recovery,' he said. 'Every other G7 country has an agency operating in this capacity – it's time for Canada to follow suit and take on a proactive approach to emergency management.' The insurance association also called for government to better support community wildfire protection initiatives such as firebreaks and limits to new buildings in unprotected high-risk areas. This report by The Canadian Press was first published July 21, 2025.
Yahoo
21-07-2025
- Business
- Yahoo
Better disaster recovery needed as frequency grows: insurance bureau
The Insurance Bureau of Canada is calling for national discussions about how to better manage rebuilding after disasters as their cost and frequency grow. The bureau is asking the federal government to lead talks with provinces on disaster recovery as efforts to rebuild Jasper, Alta., encounter delays a year after a wildfire destroyed about a third of the town's buildings. IBC says that as of July 7, officials have only issued rebuilding permits for 56 of the 358 buildings that burned down, a much slower process than after the 2016 Fort McMurray wildfires. Part of the complication is the added regulation from the town being in a national park, but IBC says a lack of co-ordinated and standardized response is also an issue. Craig Stewart, vice-president of climate change and federal issues at IBC, says delays in rebuilding are happening more frequently after major disasters so there needs to be more co-ordination such as a central agency to help manage the recovery. The calls come as July 22 marks one year from when the Jasper wildfire caused an estimated $1.2 billion in insured damage, just one of several disasters last year that caused about $8.5 billion in combined insured damage. This report by The Canadian Press was first published July 21, 2025. The Canadian Press
CTV News
17-07-2025
- Business
- CTV News
How wildfires could play a role in future insurance premiums
The Izman Creek fire burning north of Lytton, B.C. is seen in this handout photo on Wednesday, July 2, 2025. THE CANADIAN PRESS/Handout — BC Wildfire Service (Mandatory Credit) One wildfire might not make a difference on insurance rates. But hundreds of wildfires burning across the country could. 'No single event affects a home insurance premium,' said Craig Stewart, vice-president of Climate Change and Federal Issues with the Insurance Bureau of Canada. Insurance premiums are based on trends in particular parts of the country, Stewart explained. Prices have been rising in recent years due to the increased risk associated with more wildfires, extreme flooding and hailstorms. 'It's the aggregate of these events, really, that has had an impact on home insurance prices,' he said, adding the increased costs to rebuild homes due to inflation is also a factor. Nationally, home insurance premiums were up 4.8 per cent year-over-year from June 2024 to June 2025, according to Statistics Canada. Quebec's premiums stayed the same. Provinces like Prince Edward Island and New Brunswick saw slight increases of 0.9 per cent. Alberta experienced the largest jump at 11.6 per cent. 'Alberta is unfortunately the riskiest place to insure in the country,' Stewart said. 'That's just the result of the floods, the hailstorms and the wildfires that we've seen in recent years there.' In Saskatchewan, home insurance premiums went up 5.7 per cent, the third highest increase behind Alberta and Manitoba (6.4 per cent). There have been upwards of 700 wildfire-related claims made involving evacuations, total losses and smoke damage in Saskatchewan so far this year, according to SGI Canada. A spokesperson for the insurance company said it's too soon to tell how this wildfire season will impact insurance rates. 'As extreme weather events become more frequent and severe, the insurance industry as a whole will be affected,' SGI Canada said in a statement. 'Losses due to wildfires, floods, wind and hailstorms continue to trend upwards. Mitigation measures and construction resiliency will be key to stabilizing insurance rates going forward.' Stewart doesn't foresee any exceptional challenges for insurers handling this year's wildfire claims. Insurers have the capacity, he said, unlike last year, when a monsoon of claims created problems. Last year, Canadian insurers received 250,000 claims within a five-week period, according to Stewart, largely driven by Calgary's hailstorm, the Jasper wildfire, remnants of Hurricane Debby in southern Quebec and flooding in southern Ontario. 'That definitely had an impact on getting claims resolved,' he said. 'It exceeded the industry's capacity to deal with them in a timely manner.' Denare Beach, Sask., has experienced some of the worst damage this wildfire season, losing 300 of its 413 homes last month. SGI Canada told CTV News emergency response measures are in place to help respond to catastrophic events, so an influx in wildfire claims won't bog down its ability to provide services. Calls for standardized recovery response The Insurance Bureau of Canada (IBC) says a central emergency management agency is needed to help with disaster recovery efforts whether destruction takes place in a municipality, national park or Indigenous community. Less than a fifth of properties destroyed in the Jasper wildfire have received the appropriate permits and approvals to move forward with rebuilding, according to IBC, since flames decimated 358 buildings almost a year ago. 'The issue in Jasper is part of a trend that we've been seeing across the country in recent years. We're pretty good at emergency response. We're not very good at all at recovery,' Stewart said. 'Each time, these communities have to create a new playbook for a disaster.' Stewart says homeowners and businesses should be able to get 'back on their feet' within two years of a disaster. He classified that as a 'timely manner' and said the Fort McMurray and Tantallon wildfire recoveries are examples that it is possible. On Wednesday, Parks Canada and the Canadian Red Cross announced up to $5 million in additional supports for Jasper residents who require contaminated soil testing and removal prior to rebuilding permanent housing. The same day, the Saskatchewan government committed $1.8 million for cleanup and debris management efforts in Denare Beach.
