Climate change-induced natural catastrophe events have resulted in an increase in claims paid by Australian property insurers and consequently pushed their loss ratio up from 66.1% in 2019 to 84.6% in 2021, according to a new report from GlobalData.
The loss ratio is expected to remain above the 80% levels over the next five years, impacting the profit margins of the insurers.
The report, ‘Australia General Insurance: Key Trends and Opportunities to 2026’, estimates the paid claims of Australia’s property insurance segment to increase at a compound annual growth rate of 4.0% from AUD6.0 billion ($4.5 billion) in 2021 to AUD7.3 billion ($5.5 billion) in 2026.
Ashish Raj, Insurance Analyst at GlobalData, said: “Due to various geographical reasons, Australia is prone to natural catastrophes, and the frequency of such events has increased recently. In the last two years, the country has suffered wildfires, floods, cyclones, and earthquakes which have resulted in a significant increase in property insurance claims.”
“High Nat-Cat led losses along with the slowdown due to the COVID-19 pandemic has compelled property insurers to increase premium significantly in the last couple of years. In fact, some buyers have been billed a renewal price increase of more than 300%.”
The floods that occurred in February 2022 heavily impacted New South Wales and Southeast Queensland, resulting in 118,000 property damage claims amounting to AUD1.8 billion ($1.3 billion), as of 10 March 2022. The floods in the two states in March 2021 led to 107,844 claims of worth AUD1 billion ($748.7million).
The premium rate is expected to rise further over the next few years which can make property insurance more expensive for many policyholders.
The expected increase is likely to have a negative impact on the property insurance segment, leading to underinsurance and even non-renewal of policies in the long-run. According to the Climate Council of Australia, 4% of properties will become uninsurable by 2030.
Winnipeggers gathered at the St. Norbert Arts Centre on Monday to mark the creation of legislation that abolished slavery in Canada 188 years ago, and reflect on the ongoing hardships Black people face.
Co-host Uche Nwankwo said the anniversary is an opportunity to discuss Black history and discuss the work that needs to happen to end the ongoing effects of slavery.
“History is important. It’s a way of remembering what had happened and then finding a way to prevent a future occurrence of such ugly history,” he said on Monday.
In addition to addressing ongoing anti-Black racism in Canada, Nwankwo said the local Emancipation Day programming also looked at the similar treatment of Indigenous peoples in Canada. The event included speeches from community advocates and politicians, and finished with a sacred fire outside the arts centre.
Co-host of the Emancipation Day event Uche Nwankwo said it’s an opportunity to discuss Black history and the ongoing impacts of slavery and racism. (Joanne Roberts/CBC)
Former CFL and NFL player and current Winnipeg resident Willard Reaves, who also co-hosted the event, says marking Emancipation Day is important.
“We’re still feeling the impacts because racism is still alive and well in both the United States and in Canada. If we just put it on the back burner, it will never, ever go away.” he said.
Reaves said he hopes marking the anniversary of Emancipation Day will encourage people to put aside their differences and engage in more respect for one another.
“It’s for people to remember a very dark, dark time … it’s a stark reminder of just how cruel human beings can actually be. And this will be a stepping stones to make sure that we never repeat history again, especially as hideous as slavery is.”
Emancipation Day event co-host Willard Reaves said the time of slavery was a dark time for humanity. He said actively acknowledging and fighting racism is important to prevent history from repeating itself. (Joanne Roberts/CBC)
Traditional knowledge keeper Michael Pierre sits on the board of directors for the St. Norbert Art Centre. He held a sacred fire at the end of the event and said the arts centre has been recognized as a sacred site by many traditional people.
Pierre said marking the anniversary of Emancipation Day was also important to the Indigenous community.
“Recognizing that as an Indigenous person and seeing my relatives in the Black community … We have a shared history and common experiences,” he said. “But again, all of us as human beings are impacted by all of these types of injustices that we do toward each other.”
Pierre said he was pleased to see many young people at the event, as well as community and political leaders who recognized the importance of recognizing Emancipation Day.
“This is a day to acknowledge and say thank you for all the sacrifices that our ancestors have been through. The strength that they had to keep going,” he said.
Knowledge keeper Michael Pierre is originally from Thunder Bay but has called Winnipeg home since the 1970s. He says Emancipation Day is a time to reflect on the sacrifice and strength of ancestors. (Megan Goddard/Radio Canada)
It’s the first year that Manitoba has officially recognized Emancipation Day, which marks the day the Slavery Abolition Act took effect in the British Empire (including Canada) in 1834. Two years ago, Ottawa named Aug. 1 as Emancipation Day, but the province didn’t officially adopt the legislation to name it a holiday until October of that year.
Around 30 people attended the event Monday.
For more stories about the experiences of Black Canadians — from anti-Black racism to success stories within the Black community — check out Being Black in Canada, a CBC project Black Canadians can be proud of. You can read more stories here.
Being Black in Canada highlights stories about Black Canadians. (CBC)
As a new report shows young people are anxious about world events, Lindsay Nadin andHelen Care set out some tips for supporting interest while reducing worries
As a new report shows young people are anxious about world events, Lindsay Nadin andHelen Care set out some tips for supporting interest while reducing worries
Lindsay Nadin
Director of primary, Pearson
Dr Helen Care
Clinical psychologist and founder, A Confident Start
31 Jul 2022, 5:00
Our new Pearson School Report, shaped by the views of almost 7,000 teachers in England, reminds us all that schools do not operate in isolation. They are very much microcosms of the wider world, affected by broader global events themselves and by how they are represented in the news. And in an age when young people have access to social media, this is increasingly impacting on them and their expectations.
Teachers in both primary and secondary schools across the country have told us they’ve seen a rise not just in pupils’ awareness but in their levels of anxiety over this past year. Issues like the invasion of Ukraine, Covid-19, the cost-of-living crisis and climate change are among the causes. So too is worry about their own and their peers’ mental health. And the summer break is unlikely to ease things; Pupils will return in September just as a new prime minister is announced.
There is clearly risk here, but also opportunity. In their efforts to develop active citizens, schools will want to harness their learners’ interest in emerging issues. But they need to do so sensitively in order to manage their anxiety at the same time.
So this year we’ve supplemented our work on the school report with some additional free resources founded in clinical psychology. Here are some of our top tips for striking this difficult balance.
Approach topics openly and honestly
As the Pearson report shows, today’s learners are curious and care about what’s happening in the world. Many are accessing information through social media platforms – which are great for raising awareness and facilitating conversation but can also drive up anxiety by disseminating unhelpful information or misinformation.
It is therefore important not to try and pretend things aren’t happening or to lie to your pupils. When broaching these subjects, focus on providing the facts honestly, in a neutral way and tailoring them to your learners’ developmental age.
Allow children and young people to bring their issues to the fore too. If they feel they are being shut down or are unheard, they may be confused or angry. If it is not appropriate to talk about the issue at that time, it is OK to say so. But try to always provide an alternative opportunity for them to be open about their worries.
Avoid overwhelming them
Not all children will be at the same level of awareness or capacity to cope with these global issues. So it may be useful to provide opportunities for choice about how much they are engaged in discussions. For example:
Allow pupils to remove themselves from conversations without judgment if it becomes too much.
Start small and provide space for greater discussion out of normal class time, like in a lunchtime focus group.
To avoid anxiety overwhelming information, contain discussions to certain specific times like when a member of staff is available to support discussion. All queries or outside of those times can then be directed back to that opportunity.
Empower action
Young people are not apathetic. They are engaged, interested and want to make change.
We know that a lot of anxiety about global events is driven or exacerbated by a sense of lack of influence and control. Helping young people channel their interest and engagement in practical action is key.
Think about fundraising and partnering with local charities or organisations who are practically involved in these issues. You could appoint student ‘champion’ groups who can be supported to read up, find out facts, present assemblies or reports in school newsletters and run campaigns at school.
Some schools have done wonders to welcome refugees this year. When such direct involvement isn’t possible, the simple act of sending letters or messages of support can be very powerful.
Being part of the solution, even in the smallest way, makes a difference. We always feel better if we feel we are trying. And it’s the cumulative effect of all these small acts that results in big changes in the end.
Ukraine’s southern command said more than 100 Russian soldiers and seven tanks had been destroyed in fighting in the southern regions of Kherson, Mykolaiv and Odesa.
Russia and Ukraine traded blame for the deaths of dozens of Ukrainian prisoners of war in the Donetsk region this week. Moscow-backed separatists said Kyiv targeted the facility with US-made rockets. Ukraine’s armed forces said Russian artillery had targeted the facility to hide the mistreatment of prisoners.
Ukraine said at least five people were killed and seven wounded in a Russian missile attack on the southeastern city of Mykolaiv, a river port just off the Black Sea.
Two people were killed and 19 wounded in Russian shelling of the eastern Ukrainian city of Kharkiv, according to the regional governor.
Russian-installed authorities in occupied territories in southern Ukraine may be preparing to hold referendums on joining Russia later this year and are “likely coercing the population into disclosing personal details in order to compose voting registers,” UK military intelligence said.
Diplomacy
US Secretary of State Antony Blinken and Russian foreign minister Sergey Lavrov held their first call since Russia’s February 24 invasion, to discuss a US-proposed prisoner swap.
Blinken said the world expected Russia to fulfil its commitments under a deal with Ukraine to reopen grain and fertiliser exports.
Lavrov said US sanctions complicated the global food situation.
He said Russia will meet the aims of its “special military operation” and that Western arms supplies to Kyiv were prolonging the conflict.
Russia’s foreign ministry announced sanctions against 32 officials and journalists from New Zealand for supporting what it called the country’s “Russophobic agenda.”
Russian gas producer Gazprom said it stopped supplying neighbouring Latvia with gas, accusing it of violating supply conditions.
An event will be held at the Western Development Museum in Yorkton. Back to the Farm is taking place at the WDM and will run today from 10:30am-4pm. Several events are taking place including the operation of various vintage tractors, binding of crop and plowing the back field, demonstrations of clay oven bread baking, rope making, blacksmithing and butter making. Regular Museum admission applies, while WDM members can get in for free.
Vancouver is refunding the $500,000 deposit for a major international electric car race that was supposed to have happened earlier this month before organizers pulled out.
The two-day event was scheduled to start on July 2, and included a Nickelback concert, before being cancelled by its organizer, One Stop Strategy (OSS) Group, who have previously said it would be rescheduled to next year.
But four weeks after the cancelled event’s original date, ticket-holders have complained about not receiving refunds. The city said its repayment of the organizer’s performance security payment for the event is contingent on giving fans their money back.
It was to be the first Formula E event in the city, and promoted as an economic boon, selling thousands of tickets to the False Creek-area races.
One of those fans waiting for a refund is Andrew Chobaniuk, who said he could not get any response after repeated request from organizers and ended up reporting it to his credit card company.
It reimbursed him the $210 he paid for four tickets to see the Vancouver races.
“Absolutely no word from the Formula E organizers despite numerous emails to them,” he told CBC News in an email. “Received a refund from my credit card company pending an investigation.”
“It’s disappointing — you look forward to car racing finally making a return to Vancouver after all these years, and you’re left feeling swindled. Given the lack of communication from the organizers … I have no faith in OSS at all.”
One Stop Strategy Group did not respond to multiple requests for comment Friday.
Decision came ‘after intensive review’ with city
On Friday, the city said its deposit return would have “no financial impacts” on its budget, and was only made on the condition that “that the funds be used by OSS to pay its financial obligations” including refunding ticket-holders, suppliers, or event sponsors.
“Questions about funds being paid or refunded by OSS to ticket-holders, suppliers, sponsors, and/or other potential creditors should be directed to OSS,” the city said in a release.
An electric Formula E race car prototype is seen on a display stage at CeraWeek energy conference in Houston in this 2019 file photo. (Kyle Bakx/CBC)
On April 22, the city announced that the event’s organizers called off the event, exercising their rights under the Host City Agreement. At the time, the city said in a statement it hopes “to announce a new date in the near future.”
At the time of the cancellation, OSS said the “incredibly difficult” decision came “after intensive review” with the city.
“Delivery of a world-class event is of the utmost importance” to the group, it said, promising to communicate with ticket-holders “to inform [them of] their options.”
Coun. Michael Wiebe co-sponsored a motion last year that supported hosting the event the city.
“I know the management company didn’t work here, but I still believe it can be a great event,” he said in an interview Friday. “It was going to be a big weekend, I’m disappointed because it’s an opportunity for Vancouver.”
He stepped aside from voting on the city-issued deposit refund because he himself bought tickets to the cancelled event, and is now among the thousands who have not yet received a refund.
“I haven’t yet, but I’ll wait in the back of the line,” Wiebe said. “I want to make sure the people that really deserve the funding are getting it.
“We’re saying, ‘If you are going to take the $500,000 return, there are certain people that need to be paid, and the funding can only go to specific things … That includes ticket-holders, suppliers and others.”
Controversial races
The Formula E races have been controversial in other cities.
In 2017, Montreal city officials announced they would pull the plug on a Formula E race that was set to take place in that city the following year.
The mayor said the event was “headed straight for a financial fiasco,” and that taxpayers would be on the hook for $35 million.
But one year ago, the City of Montreal agreed to pay a settlement of $3 million to Formula E Operations, which puts on electric car races around the world. It had sued the city for $16 million after the city cancelled their events in 2018 and 2019.
Formula E isn’t the organizer of the Vancouver event, though it appears to have a degree of oversight with regard to the OSS Group-promoted race, which is part of the Formula E series.
More than 35 companies and post secondary institutions handed out information and accepted applications from people searching for the perfect career in Maple Ridge on Thursday.
The Black Press Media Career and Post Secondary Education Event was held at the Golden Ears Winter Club and hundreds of job seekers took advantage of the opportunity to talk with company leaders and learn about the opportunities that are available.
Black Press Media’s events manager, Ranee Pal, said at previous events more than 1,500 attendees have come through the doors who are looking for career changes and post secondary education.
“It’s a one stop shop. It really is,” she said.
Reanna Haddrell, 20, was looking for employment opportunities in business.
“I really like working with people and I’m great at organization and I wanted to look for something in business,” said the Maple Ridge resident.
“There’s so many opportunities and colleges I have never even heard of and they have wonderful programs with in-person and online offers,” she said of the career fair.
Langley resident Troy Edwards, 17, was at the fair just getting an idea of employment opportunities in the workforce. He said he is more interested in the “high-paced jobs, not the sitting down jobs”.
Edwards was checking out a booth for concrete scanning company Xradar and he was also interested in learning about ironworking after talking with ironworker Danielle Shaw about the industry.
Black Press Media has been hosting this event in the community for the past seven years, although Pal advised, during the COVID-19 pandemic they pivoted to a virtual event.
Some of the companies and post secondary institutions at the event on Thursday included: B.C. Corrections, cement company Lafarge, Vancouver Community College, Capilano University, and the City of Maple Ridge.
“It is important to let the community know that there are jobs out there for them,” said Pal about the event.
Ironworker Danielle Shaw, was explaining the ins and outs of her industry to interested visitors to the Black Press Media Career and Post Secondary Education Event. (Colleen Flanagan/The News)
A representative of Archway gives out information. (Colleen Flanagan/The News)
A man checks out the booth for the City of Maple Ridge. (Colleen Flanagan/The News)
Ironworker Danielle Shaw, was explaining the ins and outs of her industry to interested visitors to the Black Press Media Career and Post Secondary Education Event. (Colleen Flanagan/The News)
