Canadian Underwriter

Topic
Catastrophes


Pooling water during heavy rain in Montreal in October.
News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Climate change battering municipal finances across Canada

December 11, 2023 Thomas MacDonald - THE CANADIAN PRESS

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

Seismograph Recording an Earthquake Activity on Grid Paper
News CatastrophesClaimsEarnings / RatingsInsuranceRisk

Where the feds stand with an earthquake backstop

December 7, 2023 by David Gambrill

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

Moving office sign. Clipart image isolated on blue background.
News BrokersCatastrophesClaimsInsuranceLegislation / Regulation

Floods, wildfires: How an incorrect address cost a broker his job

December 6, 2023 by David Gambrill

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

Chef serving food in the modern kitchen in a high-end restaurant
News BrokersCatastrophesCommercial LinesInsuranceMarkets / Coverages

Why the hospitality hard market won’t end in 2024

December 6, 2023 by Alyssa DiSabatino

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

Damage from post-tropical storm Lee in New Brunswick
News CatastrophesClaimsClaims CanadaInsurance

How this year’s hurricane season ranks

December 1, 2023 by Jason Contant

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

3D render of a topographic map of the US East Coast and the Gulf of St. Lawrence with the clouds from September 24, 2022's Category 4 Major Hurricane Fiona over Nova Scotia, Canada.
News CatastrophesClimate ChangeInsuranceRisk

P.E.I. utility seeks rate hike for $37M in post tropical storm Fiona losses

November 29, 2023 Stephanie Taylor The Canadian Press

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

Hurricane Fiona Cloud Map
News CatastrophesClaims

Privately-owned PEI utility seeks rate hike after Fiona losses

November 28, 2023 Michael Tutton, The Canadian Press (Halifax)

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

Aerial firefighting for a forest wildfire in Canada
News CatastrophesClaimsClimate ChangeCommercial LinesInsuranceReinsurance

How Canada’s wildfire season will shape reinsurance renewals

November 28, 2023 by Alyssa DiSabatino

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

Arrows pointing up symbolizing business growth
News CatastrophesCommercial LinesInsuranceReinsurance

What carriers can expect for reinsurance renewals

November 22, 2023 by Alyssa DiSabatino

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

A mall parking lot after flooding in Halifax in July.
News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

After July floods took four lives, Nova Scotia plans flood plain mapping by 2026

November 17, 2023 Michael Tutton - THE CANADIAN PRESS

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

News BrokersCatastrophesCommercial LinesInsuranceMarkets / Coverages

How Intact’s third quarter results shaped up

November 9, 2023 by Alyssa DiSabatino

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

Hurricane aftermath
News BrokersCatastrophesClaimsClimate ChangeInsurance

How to tame increasingly ferocious NatCats

November 6, 2023 David Gambrill

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