Topic
Catastrophes
Is it time for a new reinsurer to enter the market?
October 25, 2023 by Jason ContantCanada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never…
P&C industry joins the $3-billion Cat club (again)
October 19, 2023 by David GambrillFor the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…
NatCats increasingly a factor in why insurers fail
October 17, 2023 by David GambrillAdd natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
Summer storms bring Cat damages past $3 billion
October 16, 2023 by Alyssa DiSabatinoA series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification…
Devil in the details: Canada’s proposed flood program
October 13, 2023 by David GambrillWhen Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…
Ontario adds $20.5 million in funding to fight wildfires, including for training and drones
October 12, 2023 The Canadian PressTIMMINS, Ont. – Ontario’s natural resources and forestry minister says the government will spend an additional $20.5 million over three years to help fight wildfires. Graydon Smith, making an announcement in Timmins, Ont., says this recent fire season has been…
How to mobilize claims repairs in a flood-prone city
October 5, 2023 by Alyssa DiSabatinoHow do you mobilize a claims response when capacity and labour shortage issues are extending property restoration timelines in disaster-prone regions? Bring your recovery team closer to the repairs. At least, that’s the strategy First Onsite is taking. The restoration…
How much B.C.’s catastrophic wildfires will cost insurers
October 4, 2023 by Alyssa DiSabatinoB.C.’s summer wildfires clocked in as the costliest insured event ever recorded in the province, and the tenth costliest insured event in Canada’s history, Insurance Bureau of Canada (IBC) said. Wildfires in the Okanagan and Shuswap regions of B.C. will…
B.C. disaster response outdated and inaccessible for evacuees: ombudsperson
October 4, 2023 Brieanna Charlebois - THE CANADIAN PRESSVANCOUVER – Emergency support programs for disaster evacuees in British Columbia are outdated, under-resourced, inaccessible and poorly communicated, according to a report by the province’s ombudsperson. Ombudsperson Jay Chalke’s report on the government’s response to wildfires and severe flooding in…
NDP introduces disaster management bill as B.C. legislature opens
October 3, 2023 The Canadian PressVICTORIA – New disaster management legislation has been introduced in British Columbia on the first day of the fall legislative session that will see four official parties in the chamber. Emergency Management Minister Bowinn Ma said Tuesday the legislation will…
Weather-related home repairs highest in Atlantic Canada: HomeStars survey
September 26, 2023 The Canadian PressTORONTO – Homeowners in Atlantic Canada completed the highest number of emergency repairs due to weather-related events in the past year, according to HomeStars’ latest renovation report. One-third of homeowners across Canada who renovated or repaired their properties in the…
Where 2023 Cat losses stand after summer storms
September 20, 2023 by David GambrillSummer storms in Alberta and the Prairies caused more than $300 million in insured losses, bringing the cumulative total of Cat losses to date in Canada to more than $2 billion — with another financial quarter to go in 2023.…