Topic
Catastrophes
The insured damage cost of December’s windstorm in eastern Canada
January 13, 2022 by Alyssa DiSabatinoThe windstorm that swept across Ontario, Quebec and the Atlantic provinces between Dec. 11 and 14 caused more than $152 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The eastern Canada windstorm brought strong…
What Canadian insurers paid for reinsurance in Jan. renewals
January 5, 2022 by David GambrillReinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those…
CN looks to reopen tracks in southern B.C. this weekend after second network shutdown
December 3, 2021 THE CANADIAN PRESSMONTREAL – Canadian National Railway Co. says it aims to reopen its network in southern British Columbia this weekend after another bout of rain and wind prompted a second shutdown. CN said Friday that engineers and construction crews continue to…
Can we blame climate change for B.C. ‘atmospheric river?’
December 2, 2021 by Greg MeckbachWe can’t say for sure that climate change has caused the heavy rainfall and severe floods and landslides currently affecting British Columbia, but global warming is making disasters like this more likely, a Swiss Re speaker suggested Thursday. “Warmer air…
More flood warnings, watches issued in B.C. as province braces for third rainstorm
November 29, 2021 THE CANADIAN PRESSVANCOUVER – Flood warnings are posted for a section of British Columbia’s southern Interior and flood watches or high water advisories cover large parts of the province, as it deals with the consequences of a second major rainstorm in as…
Prime minister approves request for military help as Newfoundland deals with flooding
November 26, 2021 THE CANADIAN PRESSCHANNEL-PORT AUX BASQUES, N.L. – Prime Minister Justin Trudeau has approved a request for military assistance for southwestern Newfoundland, where road washouts from a punishing rainstorm have left the region cut off from the rest of the province. Trudeau issued…
How much Intact has improved its personal property loss ratio
November 15, 2021 by Greg MeckbachAs home insurance prices continue to climb, Intact Financial Corp. reported an underwriting profit in personal property in the latest quarter, despite higher-than-normal weather catastrophe losses. The personal property line “should operate” with combined ratios below 95% “even with severe…
Three reasons Fairfax predicts a continuing hard market
November 5, 2021 by Greg MeckbachAs carriers continue taking a good hard look at their risk appetites, price increases could continue well into 2022. “We expect market conditions to remain strong throughout 2021 and well into 2022,” said Peter Clarke, chief operating officer of Toronto-based…
Homeowners loss ratio drops to 49.1% for this Top 10 insurer
November 3, 2021 by Greg MeckbachCanada’s sixth-largest property and casualty insurer has a loss ratio in home insurance of under 50% so far this year, but large losses in Western Canada had an adverse impact on the quarter ending Sept. 30. The Co-operators General Insurance…
Barrie tornado will cost more than originally estimated
October 28, 2021 by Greg MeckbachA bad storm system this past July will probably cost the industry about $100 million. On July 15, several tornadoes touched down in central Ontario. One caused irreparable damage to dozens of homes in Barrie, about 100 kilometres north of…
Hurricane Larry will probably cost the industry this much
October 27, 2021 by Greg MeckbachInsurers will probably pay out $25 million towards claims from Hurricane Larry. That is the initial estimate from Catastrophe Indices and Quantification Inc. (CatIQ), the Insurance Bureau of Canada said Wednesday in a press release. Hurricane Larry made landfall on…
A fire season like none other
October 6, 2021 Jason Contant, Online EditorEven as B.C. wildfires continue to burn, investigations begin and claims start rolling in.