Canadian Underwriter

Topic
Catastrophes

Sandbags for flood protection
News CatastrophesInsuranceMarkets / Coverages

Ontario’s new approach to emergency response

February 7, 2023 by Jason Contant

Ontario’s government will launch a ‘provincial exercise program’ to create, review and update new provincial emergency response plans and test whole-of-government emergency response, the province announced Friday. The provincial exercise program is part of Ontario’s first-ever Provincial Emergency Management Strategy

Three white house figurines submerged in water.
News BrokersCatastrophesClaimsClimate ChangeInsuranceProducts

Aviva Canada CEO on brokers’ role in climate change mitigation

February 6, 2023 by Alyssa DiSabatino

Brokers and insurers both said natcats and climate change will be the second biggest issue heading into 2023, according to a Canadian Underwriter survey last month. But one group is more vocal about climate change than the other, one CEO

Earthquake seismograph pattern
News AssociationsCatastrophesClaimsClimate ChangeInsuranceReinsuranceRisk

What a Canadian public earthquake backstop might look like

January 31, 2023 by David Gambrill

A federal government backstop designed to help private insurers cover high-risk flooding could be extended to protect Canadians from earthquake risk as well, Canada’s home, car and business insurers suggested in a release Tuesday. Meanwhile, in the absence of a

News BrokersCatastrophesClaimsClimate ChangeInsurance

Meteorologist explains why future NatCat claims won’t get any better

January 27, 2023 by Alyssa DiSabatino

As the climate warms, even predictable weather patterns — like El Niño and La Niña, which are affected by rising sea temperatures — are changing alongside the climate, a weather expert warns.  And that could mean more frequent and severe

Satellite image of the globe with the national flag across Canada's surface
News CatastrophesClaims CanadaInsuranceMarkets / Coverages

How Canada’s insured cat losses stack up globally

January 25, 2023 by Alyssa DiSabatino

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

Houses along the shores of Lake Erie following December's 'bomb cyclone'
News BrokersCatastrophesClaimsClimate ChangeInsuranceRisk

Why Ontario should worry about worsening weather

January 19, 2023 by Alyssa DiSabatino

Final numbers for 2022 show another year of NatCats reaching over $3 billion in insured damages (and, at $3.1 billion, the third highest total NatCat losses in Canadian history).  Those figures don’t just point to more insured damages losses for

Chicken with an egg in its nest
News CatastrophesClaimsClaims CanadaInsuranceLegal

Which came first: Accident notification, or the accident benefits application forms?

January 17, 2023 by David Gambrill

In a true chicken-and-egg argument, an Ontario man claimed his “reasonable explanation” for taking two years to inform his auto insurer about his injuries from a 2019 accident is because he never received the Application for Accident Benefits (OCF-1) form

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersCatastrophesClaimsCommercial LinesInsuranceRisk

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

Lighthouse in a hurricane
News CatastrophesClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesReinsurance

What’s driving reinsurer underwriting margins in 2023?

January 16, 2023 Philip Porado

Underwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal

Figurines of six businesspeople examining a concrete globe
News BrokersCatastrophesClimate ChangeCommercial LinesInsuranceRisk

Which risks will trouble the globe in 2023?

January 13, 2023 by Alyssa DiSabatino

The cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023.  Two years from now, experts expect the cost of living will still be the number one risk on

Shot of a stressed businesswoman with headache in the office.
News BrokersCatastrophesClaimsClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesReinsuranceRisk

Hard market “fatigue” setting in, P&C industry survey suggests

January 12, 2023 by David Gambrill

Hard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many

Financial results graph in blue
News AnnouncementsBrokersCatastrophesClaimsClimate ChangeCommercial LinesInsurance

Intact reveals fourth quarter catastrophe loss estimate

January 12, 2023 by Alyssa DiSabatino

Intact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses.  The Canadian cat losses were mostly