MONTREAL – The hamlet of Gore, Que., had the foresight to start preparing for more intense annual flooding due to climate change a decade ago. That’s when the rural township 60 kilometres northwest of Montreal began quadrupling the size of…
Canada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there…
Insurance Council of British Columbia has fined a former broker $1,500 for failing to notify his commercial client that the company’s address change — which located the business in a floodplain — triggered a lack of coverage during a subsequent…
Persistent labour shortages, forecasted lower levels of travel, elevated inflation and rising property insurance rates will threaten the hospitality industry’s profitability in 2024, Hub International predicts in its 2024 Outlook series. Yet, with prolonged periods of government mandated shutdowns, low…
The 2023 Atlantic hurricane season has officially come to an end, ranking fourth for the most named storms in a year since 1950. The above-normal season, which officially ended Nov. 30, saw 20 named storms, including seven hurricanes and three…
CHARLOTTETOWN — The privately owned electricity utility in Prince Edward Island wants ratepayers to cover $37 million in costs incurred during post-tropical storm Fiona in 2022. Maritime Electric, a subsidiary of Fortis, has applied to the Island’s regulatory commission for…
CHARLOTTETOWN – The privately owned electricity utility in Prince Edward Island wants ratepayers to cover $37 million in costs incurred during post-tropical storm Fiona in 2022. Maritime Electric, a subsidiary of Fortis, has applied to the Island’s regulatory commission for…
Reinsurers have their ears to the ground on climate change losses, and Canada’s record wildfire season is adding to the heat, according to industry experts. But while reinsurers are keeping a close watch on wildfire risk, tallied wildfire losses…
Primary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the…
HALIFAX – A plan is now in place to create the kind of detailed flood plain maps that some of Nova Scotia’s emergency managers have said they lacked when torrential flooding occurred in July. Byron Rafuse, deputy minister of the…
Intact saw premium growth in 2023 Q3, but its profitability took a hit because of inflation and the Canadian wildfires, the company reported. Intact saw single-digit premium growth in its personal and commercial lines in 2023 Q3, and predicts this…
Escalating natural catastrophe losses are top of mind for specialty insurers in several different commercial lines, most notably property, said Jeff Coulson, director of claims for commercial specialty at Echelon Insurance. There were 15 declared Cats (events causing insured claims…