Canadian Underwriter

Topic
Catastrophes

Much of Nova Scotia paralyzed following snowstorm
News AdjustersBrokersCatastrophesClaimsClimate ChangeInsuranceRisk

How winter storms tally this year compared to last

March 15, 2024 by Alyssa DiSabatino

Maritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February.   The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S. Then about two weeks later, Nova Scotians

News CatastrophesInsurance

Quebec lender ending new mortgages in flood zones. Is insurance next?

March 15, 2024 Morgan Lowrie - The Canadian Press

QUEBEC — Nearly five years after floods raced through hundreds of Quebec communities and forced thousands from their homes, a major lender’s decision to stop issuing new mortgages in flood zones is the latest challenge for cities trying to adapt

Scenic autumn view of the rural landscape, orchards, vineyards, and wineries of Oliver located in the Okanagan Valley of British Columbia, (B.C.) Canada.
News CatastrophesClaimsClimate ChangeCommercial Lines

B.C. orchards and vineyards to get $70M to replant after disastrous weather

March 14, 2024 The Canadian Press

BRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby. The commitment comes after a devastating cold snap in

Construction site accident
News CatastrophesClaimsInsurance

Who’s responsible when construction projects go wrong

March 13, 2024 By Dr. Yasser Korany, KSI Engineering

Construction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent

The McDougall Creek wildfire in West Kelowna, BC.
News CatastrophesClaimsClimate ChangeInsuranceRestoration

Night once brought firefighting reprieve, but no longer, Canadian study shows

March 13, 2024 Brenna Owen - The Canadian Press

BRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The availability of bone-dry fuels is the key mechanism promoting extreme fire

The Fraser Valley in B.C. after flooding on Nov. 21, 2021
News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Federal disaster aid for Fraser Valley floods, landslides taking too long: B.C. MP

March 12, 2024 Mia Rabson - The Canadian Press

The federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in November 2021. But more than two years after that

Blizzard in city. Winter weather. Deep snow
News CatastrophesClaimsClimate ChangeMarkets / Coverages

What Western Canada’s deep freeze cost insurers

March 11, 2024 by David Gambrill

Canada’s property and casualty insurers rang in 2024 by paying out $180 million to repair damage caused by Western Canada’s deep freeze in mid-January. Insurance Bureau of Canada (IBC) released the figure Monday, which is based on industry claims totals

News CatastrophesClaimsClimate ChangeCommercial Lines

‘Clean slate’ to reshape B.C. wine industry, after climate-related catastrophes

March 11, 2024 Brenna Owen - The Canadian Press

The heart of British Columbia’s wine industry is reeling after suffering a litany of climate-related hits, resulting in two years of crop losses in the southern Interior. Record-breaking heat. Wildfires and smoke that repeatedly contaminated grapes. A destructive cold snap

Home with truck outside
News CatastrophesClaimsInsuranceRisk

What insurers can expect from FSRA’s review of home insurance claims

March 8, 2024 by Alyssa DiSabatino

Ontario’s insurance regulator is conducting a review of home insurance claims handling to help the industry identify the greatest risks for consumer harm.  Initially announced in June 2023, the Home Insurance Thematic Review is on its way to being published,

Aviva Canada's 2023 financial results
News CatastrophesClaimsClaims CanadaCommercial LinesEarnings / RatingsInsuranceMarkets / Coverages

How Aviva Canada fared in 2023

March 7, 2024 by Jason Contant

Aviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft.  The undiscounted ratio for 2023 was up

Concept of home insurance price increases
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceMarkets / Coverages

How home insurance premiums are trending

March 6, 2024 by Jason Contant

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

Aerial view of homes flooded by record-breaking rainfall
News CatastrophesClaimsClimate ChangeInsuranceRisk

How clients can be motivated on climate action

March 5, 2024 by Jason Contant

Measures to help mitigate climate change are a known commodity, it’s just a matter of motivating the public, government and regulators to take action, speakers suggested Monday at an industry event. Climate change is irreversible, but its rate can be