Topic
Catastrophes
Why MGAs are here to stay
May 2, 2023 by Alyssa DiSabatinoHard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens. Unlike primary insurers, MGAs provide capacity in specialized areas of…
How many Canadian properties are at high risk of wildfire?
May 2, 2023 by Jason ContantApproximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva…
Is political risk the next NatCat?
May 1, 2023 Philip PoradoMuch like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend…
Residents of Quebec town still struggle with aftermath of 2019 flooding
May 1, 2023 Morgan Lowrie - THE CANADIAN PRESSSAINTE-MARTHE-SUR-LE-LAC, Que. – Sylvie Bechard had only owned her little brick house for six months when her neighbour came banging on her door on the night of April 27, 2019. The dike holding back the Lake of Two Mountains had…
Insurer successfully defends city’s appeal over fire response times
April 28, 2023 by David GambrillCanada’s top court Thursday refused to hear an appeal in a case in which a Quebec municipality was found 25% liable for a fire that destroyed a commercial building when not enough firefighters were present after 10 minutes to fight…
What kind of retentions insurers took on during reinsurance renewals
April 24, 2023 by David GambrillAlthough pricing caught most people’s attention during the January reinsurance renewal season, the terms and conditions were restricted, contributing to why Canada’s primary insurers are retaining more risk for high-frequency secondary perils. “Over the last number of years, there’s been…
Flood backstop, check. Now, what’s the industry’s next agenda item?
April 21, 2023 by Alyssa DiSabatinoNow that Canada has introduced a commitment to a backstop for high-risk flood insurance, the next item for change should be an government earthquake backstop, a panellist noted at the the Insurance Institute of Canada’s Symposium in Toronto Wednesday. Arguably,…
Insurer successfully defends flood exclusion in water damage endorsement
April 21, 2023 by David GambrillA Quebec home insurer successfully defended a flood exclusion to its policy’s water damage endorsement, on the basis that the insurer would not cover water damage that “occurs when a flood reaches the surface of the ground on the premises.”…
PACICC urges feds to move on quake backstop
April 20, 2023 by David GambrillCanada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to…
Why consumers may feel the impact of higher reinsurance costs for insurers
April 19, 2023 by David GambrillCanada’s primary insurers will need to run at sustained combined operating ratios of 95% or lower in the future in order to withstand future NatCat losses (and the cost of reinsuring them), without having to pass costs on to consumers,…
Will Canada’s 2023 underwriting results track U.S. improvements?
April 19, 2023 Philip PoradoCanadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile…
How the P&C industry can avoid another record year for NatCat damages
April 18, 2023 by Alyssa DiSabatinoIf Canadian insurers want to avoid another year of more than $3.1 billion in insured damages, age-old quandaries such as the national flood program, land use policies, and building codes need to be revisited, said panellists at Swiss Re’s 37th…