Canadian Underwriter

Topic
Catastrophes


Emergency warning alert on a smartphone
News CatastrophesClaimsClaims CanadaInsuranceReinsuranceRisk

When the national earthquake early warning system goes live

February 8, 2024 by Jason Contant

Canada’s national earthquake early warning system is expected to go live in British Columbia in April followed by Ontario and Quebec this fall, a program manager for the federal government told delegates at CatIQ Connect Wednesday. The system works by

Wildfire in Halifax
News CatastrophesClaimsInsuranceMarkets / CoveragesProductsRisk

Should the industry incentivize wildfire mitigation?

February 8, 2024 by Alyssa DiSabatino

For the insurance industry, Canada’s record-breaking wildfire season should raise the question: Can we blame people for where they live?  Amid mounting wildfire risk, consumers need incentives from their insurers to apply retrofits that can protect their house from fire

Flooded out house
News CatastrophesClaimsClimate ChangeInsurance

Insurers bring Cat claims in-house: How independent adjusters adapt

February 7, 2024 Jason Contant

Some major Canadian P&C insurers are bringing claims processes in-house, arguing it results in a better customer experience, cost efficiencies and consistent claims-handling. But that doesn’t mean the end is near for independent adjusters (IAs). They see a bright future

3D rendering of Hurricane Fiona over Nova Scotia
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceRestoration

Do we need a Category 6 for hurricanes?

February 6, 2024 by Jason Contant

Two climate scientists are questioning whether the open-endedness of Category 5 hurricanes is sufficient to communicate the risk of hurricane property damage in a warming climate. Michael Wehner of Lawrence Berkeley National Laboratory (Berkeley Lab) and James Kossin of First

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Alberta fire chiefs want provincial wildfire plan released before season begins

February 1, 2024 The Canadian Press

EDMONTON – Alberta’s fire chiefs are “urgently” asking the provincial government to explain how it’s getting ready for the upcoming wildfire season and to release its preparedness strategy.  “There is a growing concern among fire chiefs across the province of

Aerial view of homes flooded by rainfall
News CatastrophesClaimsClaims CanadaInsuranceMarkets / Coverages

Why personal property results should concern insurers

January 26, 2024 by Jason Contant

Even though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty

Businessman leader helping young woman at a desk in the office
News AdjustersCatastrophesClaimsProfessional Development

How this national adjusting firm is handling the talent gap

January 24, 2024 by Alyssa DiSabatino

One large claims firm in Canada has addressed the adjuster talent shortage by establishing a new foundational learning program for early-career adjusters.  ClaimsPro’s new national adjuster development program is designed to provide entry level adjusters with technical expertise to tackle

Buildings are seen in floodwater following a major rain event in Halifax on Saturday, July 22, 2023. A long procession of intense thunderstorms have dumped record amounts of rain across a wide swath of Nova Scotia, causing flash flooding, road washouts and power outages
News CatastrophesClaimsClaims CanadaConstructionInsuranceRestoration

Months after request, Nova Scotia silent on possible buyout of flooded Halifax homes

January 24, 2024 Keith Doucette – The Canadian Press

HALIFAX – Frustration is building with a lack of a commitment from the Nova Scotia government to buy and demolish some of the Halifax area homes ravaged by massive flooding last July. Halifax Regional Council sent a letter on Oct.

Autumn background with falling maple leaves.
News CatastrophesEarnings / RatingsInsurance

The rise and fall of the P&C industry’s financial results

January 22, 2024 by David Gambrill

As the Alan Parson Project once sang, “What goes up, must come down,” and predictions about industry profitability made two years ago are unfortunately coming true — including a marked downward trend of financial results in 2023, says one veteran

Drug and medicine bills concept. Medical debt, health care and treatment cost from Covid-19 disease, hospital expense, broke bankrupt man carrying giant medicine debt burden after cure from COVID-19.
News CatastrophesClaimsInsuranceLegislation / Regulation

Does Canada need a pandemic backstop, too?

January 19, 2024 by David Gambrill

Canada’s P&C insurance industry “dodged a bullet” when the courts didn’t automatically read pandemic coverage into business interruption losses, an insurance executive said at the Insurance Institute of Canada’s Industry Trends & Predictions 2024 webinar yesterday. Phil Cook, chairman of

Insurance companies are reaching a tipping point on NatCats
News BrokersCatastrophesClaimsInsurance

When will Canada’s insurers reach a tipping point over NatCats?

January 17, 2024 Philip Porado

If insurers’ recent response to drastic storm and fire losses recorded in many parts of the U.S. are any harbinger, some Canadian regions may soon grapple with a future in which standard market insurers simply walk away. It’s already happening

The McDougall Creek wildfire in West Kelowna, BC.
News CatastrophesClaimsClaims CanadaInsurance

More than 100 wildfires still burning after B.C.’s record wildfire season

January 17, 2024 Ashley Joannou - The Canadian Press

More than 100 wildfires are still listed as burning in British Columbia thanks to a combination of a busy wildfire season, extreme drought and generally warmer and drier conditions through December. Forrest Tower of the BC Wildfire Service said that