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Catastrophes

News Catastrophes

The insured damage cost of December’s windstorm in eastern Canada

January 13, 2022 by Alyssa DiSabatino

The 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

News CatastrophesClaimsClimate ChangeCommercial LinesInsuranceReinsurance

What Canadian insurers paid for reinsurance in Jan. renewals

January 5, 2022 by David Gambrill

Reinsurance 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

News Catastrophes

CN looks to reopen tracks in southern B.C. this weekend after second network shutdown

December 3, 2021 THE CANADIAN PRESS

MONTREAL – 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

News CatastrophesClaimsClimate Change

Can we blame climate change for B.C. ‘atmospheric river?’

December 2, 2021 by Greg Meckbach

We 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

News CatastrophesClaimsClaims Canada

More flood warnings, watches issued in B.C. as province braces for third rainstorm

November 29, 2021 THE CANADIAN PRESS

VANCOUVER – 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

News CatastrophesClaimsClaims CanadaInsurance

Prime minister approves request for military help as Newfoundland deals with flooding

November 26, 2021 THE CANADIAN PRESS

CHANNEL-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

News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

How much Intact has improved its personal property loss ratio

November 15, 2021 by Greg Meckbach

As 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

News CatastrophesClaimsClaims CanadaCommercial LinesInsuranceMarkets / Coverages

Three reasons Fairfax predicts a continuing hard market

November 5, 2021 by Greg Meckbach

As 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

News CatastrophesClaimsClaims CanadaInsurance

Homeowners loss ratio drops to 49.1% for this Top 10 insurer

November 3, 2021 by Greg Meckbach

Canada’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

News AdjustersCatastrophesClaimsClaims CanadaInsuranceRestoration

Barrie tornado will cost more than originally estimated

October 28, 2021 by Greg Meckbach

A 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

The roof of Mary Queen of Peace elementary school was torn off after Hurricane Larry crossed over Newfoundland's Avalon Peninsula in the early morning hours, in St. John's, Saturday, Sept. 11, 2021. THE CANADIAN PRESS/Paul Daly
News CatastrophesClaimsClaims Canada

Hurricane Larry will probably cost the industry this much

October 27, 2021 by Greg Meckbach

Insurers 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

Feature CatastrophesClaimsClaims CanadaReinsurance

A fire season like none other

October 6, 2021 Jason Contant, Online Editor

Even as B.C. wildfires continue to burn, investigations begin and claims start rolling in.