Topic
Catastrophes
How recent extreme weather compares to 1998 Quebec ice storm
April 12, 2023 by Jason ContantThe storm that struck Ontario and Quebec — leaving some Quebecers without power for more than a week — was large, but it was nothing compared to the infamous 1998 Quebec ice storm, industry professionals said. Catastrophe Indices and Quantification…
What’s driving Canadian insurers’ reinsurance rates?
April 6, 2023 by Alyssa DiSabatinoAn exceedingly tough reinsurance cycle saw insurers quoted double digit rate increases upon the Jan. 1 2023 renewal. Some portfolios without a significant loss history saw increases of 25% to 30%, while other portfolios with losses saw their reinsurance rate…
What Canada’s national flood insurance program could look like
March 31, 2023 by Jason ContantCanada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government…
Feds commit money for new national flood insurance program
March 29, 2023 by David GambrillCanada’s federal government finally put numbers to a low-cost flood insurance program, committing $31.7 million over three years to protect households at high risk of flooding and without access to adequate insurance. Details about the program remain up for discussion,…
Largest recorded Alberta earthquake not natural, from oilsands wastewater: study
March 23, 2023 Bob Weber THE CANADIAN PRESSEDMONTON — The largest recorded earthquake in Alberta’s history was not a natural event, but most likely caused by disposal of oilsands wastewater, new research has concluded. “This event was caused by wastewater disposal,” said Ryan Schultz, a Canadian seismologist…
Will the multi-billion-dollar Cat loss trend continue indefinitely?
March 22, 2023 by Jason ContantGlobal insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend…
How the P&C industry can step up after the UN’s latest climate change warning
March 20, 2023 by Alyssa DiSabatinoThe world keeps inching toward a dangerous climate threshold, but if swift action on greenhouse gas (GHG) reductions are taken in all sectors, including insurance, it’s possible to avert catastrophic warming, a new report said. There may be more…
Claims to expect in Canada after a rough winter in March
March 17, 2023 by Alyssa DiSabatinoParts of Canada have been hit with several major snowstorms in succession this winter, and while none of the severe storms individually will likely be declared catastrophes (i.e. resulting in more than $30 million of insured damage), they may be…
Federal and Alberta governments to study oilsands tailings leak communication
March 17, 2023 Bob Weber THE CANADIAN PRESSEDMONTON — The Alberta and federal governments say they will work together to understand what happened around a nine-month delay in notifying the public about toxic seepage from an oilsands tailings pond. Alberta Environment Minister Sonya Savage and federal Environment…
New Brunswick to set caps on disaster financial assistance for homeowners
March 16, 2023 The Canadian PressFREDERICTON — The New Brunswick government announced Wednesday it is capping financial compensation for properties that repeatedly experience damage from climate-related disasters. Public Safety Minister Kris Austin said the changes, which take effect immediately, will increase to $200,000 the total…
How the protection gap affects Canada
March 15, 2023 by Alyssa DiSabatinoA growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a…
N.B. hopes for quiet spring but asks residents to be prepared for possible floods
March 15, 2023 The Canadian PressFREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…