Canadian home insurance policyholders should brace for price increases this year following a nearly 8% year-over-year increase since the beginning of the year, according to internal data from rate comparison site My Choice Financial. Canada’s home insurance landscape is poised for…
In much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…
YELLOWKNIFE, N.W.T – Firefighters battling a wildfire near the capital of the Northwest Territories shifted from defence to offence Monday after a weekend of cooler temperatures, favourable winds and some rain. “We’re in a position to move to direct attack…
New risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…
Severe weather made 2022 the third costliest year on record for Canadian insurers, and the fifth costliest year globally, said a report this week from Aon. These events point to a severe gap in insurance protection in some parts of…
Hurricane Fiona is the costliest extreme weather event ever recorded in Atlantic Canada, at $660 million in insured damage, according to preliminary estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The long-lived and powerful storm on Sept. 24 is also…
The global reinsurance industry appears to be in a “state of equilibrium,” with positive and negative factors countering each other, according to a new report from AM Best. Despite lingering economic and operational challenges stemming from the COVID-19 pandemic, AM…
By Keith Porter, adjunct research professor, civil and environmental engineering, Western University This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original…
Last year saw a shift from “normal” catastrophic losses by quarter and even geographical location, data from Catastrophe Indices and Quantification Inc. (CatIQ) show. Both the third and fourth quarters of 2021 had “well above average” average catastrophes in terms…
Intact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly…
Canadian insured losses topped $2 billion for the second year in a row, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). “2021 saw much discussion of a ‘new normal’ for Canadians, but when it comes to insured losses,…
The Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,…