Canadian Underwriter

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Catastrophe Indices and Quantification Inc.

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Estimated insured damage for June storm in central Alberta upwards of $30 million

July 17, 2017 by Canadian Underwriter

A severe storm that swept through central Alberta in the third week of June is estimated to have caused more than $30 million in insured damage, reports Insurance Bureau of Canada (IBC), citing figures from Catastrophe Indices and Quantification Inc.

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsurance

Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns

May 2, 2017 Greg Meckbach, Associate Editor

Insurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”

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March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ

April 26, 2017 by Canadian Underwriter

A windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low

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Aon unit pegs economic loss from Matthew at US$15 billion

April 24, 2017 by Canadian Underwriter

Hurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially

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Canadian industry underwriting income down 81% in 2016: MSA

April 18, 2017 by Canadian Underwriter

The Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released

News CatastrophesInsuranceMarkets / Coverages

Southern Ontario windstorm in March caused close to $100 million in insured damage: CatIQ

April 18, 2017 by Canadian Underwriter

A windstorm that affected parts of southern Ontario on March 8 has resulted in nearly $100 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said on Tuesday in a press release from the Insurance Bureau of Canada (IBC).

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PERILS discloses second property loss estimate of 234 million euros for extratropical cyclone Egon

April 12, 2017 by Canadian Underwriter

PERILS AG has disclosed its second loss estimate of 234 million euros for extratropical cyclone Egon, which affected France and Germany on Jan. 12 and 13 of this year. The cold front associated with Egon resulted in heavy rain and

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Present Canadian approach to wildland/urban interface fires requires “radical and sweeping strategic shift”: ICLR

March 23, 2017 by Canadian Underwriter

The present Canadian approach to wildland/urban interface fires requires a “radical and sweeping strategic shift,” the Institute for Catastrophic Loss Reduction (ICLR) said in a newly released report into the Fort McMurray wildfire. The final report was titled Why some

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Government of Alberta advances Disaster Recovery Program funding to help with Fort McMurray uninsurable costs

February 24, 2017 by Canadian Underwriter

The government of Alberta announced on Thursday that it is advancing $20 million in Disaster Recovery Program funding to help with uninsurable costs related to the Fort McMurray wildfire. The funding is intended to help with uninsurable costs, such as

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Combined ratio up 2 points for SCOR

February 22, 2017 by Canadian Underwriter

Paris-based reinsurer SCOR SE released Wednesday its latest financial results, reporting a combined ratio of 93.1% in 2016, up 2 points from 91.1% in 2015. The combined ratio in the most recent quarter was 93.3%, up 1.1 points from 92.2%

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Burlington, Airdrie city officials share lessons from 2014 weather disasters

February 2, 2017 Greg Meckbach, Associate Editor

A rain storm in Burlington, Ont. during the summer of 2014 prompted officials from the upper tier of municipal government to take measures to address flood risk on homeowners’ properties, a speaker told insurance professionals at a conference Thursday. On

Feature Catastrophes

Claims in Action

February 2, 2017 Pat Van Bakel, Chief Executive Officer, Crawford Canada

The scale and complexity of the Fort McMurray wildfire sparked a multitude of claims issues for the insurance industry as a whole. But a concerted effort by all stakeholders helped insurers address the many and unique challenges in the aftermath of the record loss.