Intact Financial Corporation is projecting $570 million Cdn in pre-tax losses due to wildfires in 2023 Q3, the company announced Thursday. Intact has a national Canadian P&C insurance market share of 18.7% based on $12.6 billion of net premiums written…
The headwinds facing commercial property premiums won’t abate anytime soon for the majority of clients, Gallagher’s Canada 2023 Mid-Year Market Conditions Report suggests. The cost of reinsurance in Canada is still trending upward, triggered by a series of catastrophe…
After close to 200 buildings burnt around Lake Okanagan, claims adjusters in Kelowna can expect to see claims range from personal and commercial across a swath of coverage types, an adjuster tells Canadian Underwriter. “Kelowna has a diverse geography with…
As Hurricane Franklin starts turning North, Atlantic Canada is watching and waiting to see whether it makes a direct hit, or if the storm will weaken before reaching Canada’s coast, as current maps suggest. Franklin is expected to cross the…
So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or…
As wildfires rage across Canada, wineries might struggle to keep smoke from tainting their crops. Such was the case for wineries operating in and around southern Oregon in 2020, said Heidi Moore, insurance agent for U.S-based Country Financial and host…
A flood and rainstorm event that hit Nova Scotia in July is estimated to have caused over $170 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The atmospheric river event dropped more than…
If Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years…
Firefighters in British Columbia’s southern Interior continue to battle a number of major blazes, having been aided by ample rainfall that fell Wednesday over the Okanagan and Shuswap regions. B.C. Wildfire Service information officer Forrest Tower says one weather station…
Canadian insurers could see between $700 million and $1.5 billion in insured losses from this summer’s wildfire season, DBRS Morningstar predicts in new commentary. Despite the high loss figures, the claims incurred in 2023 Q3’s wildfire season will be manageable…
YELLOWKNIFE — The mayor of Yellowknife says it’s not safe for residents to go home to the territorial capital, but notes city officials are working on a return plan as a fire continues to burn about 15 kilometres away. Most…
Despite facing a heavy loss year and an unusually active wildfire season, four of Canada’s publicly traded P&C companies — Intact Financial Corporation, Fairfax Financial Holdings, Definity Financial Corporation and Trisura Group Ltd. — reported positive underwriting profits thus far,…