Canadian Underwriter


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“Perfect storm”: How Canada’s P&C insurance industry feels about 2023

January 11, 2023 by David Gambrill

Canada’s property and casualty insurance industry may not be facing its “toughest” year ever in 2023, but more than 89% of industry professionals agree the multitude of issues facing the industry at once is creating a “perfect storm.” “Every year

The tail of an Air Canada aircraft behind a pile of snow at Vancouver airport
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What claims adjusters are seeing from holiday winter storm

January 10, 2023 by Jason Contant

Wind and water claims make up the bulk of the ‘bomb cyclone’ weather event that swept through eastern Canada during the holidays last month, adjusters told Canadian Underwriter. Much of North America was bombarded by heavy snowfall, strong winds and

Buildings sit in the water in Rose Blanche-Harbour Le Cou
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Hurricane Fiona insurance damage estimate revised to $800 million

January 5, 2023 by David Gambrill

Hurricane Fiona has now caused insured damage of more than $800 million in Canada, according to Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ’s initial estimate in October 2022 was $660 million. Hurricane Fiona now sits as the seventh-largest catastrophe in

Houses along the shores of Lake Erie following December's 'bomb cyclone'
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How much did December’s ‘bomb cyclone’ cost Canadian insurers?

January 5, 2023 by Jason Contant

The ‘bomb cyclone’ that ripped through eastern Canada during the holiday season has been declared a catastrophe, Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Thursday. The winter storm brought heavy snowfall, strong winds and blizzard conditions to

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Why your reinsurance bills are up this year

January 3, 2023 Alyssa Di Sabatino

January 1 reinsurance renewals are proving to be “one of the most challenging reinsurance markets” the insurance sector has experienced, says Guy Carpenter, a Marsh McLennan global risk and reinsurance specialist firm. Property insurers in particular can expect rates to escalate due

Silvy Wright Northbridge
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2023 Executive Outlook | Silvy Wright, Northbridge Financial Corporation

December 29, 2022 by David Gambrill

Silvy Wright, president, CEO, Northbridge Financial Corporation The insurance industry faces several headwinds in 2023. Some, like climate change, have been on our radar for some time. Others, such as inflation, have emerged more recently. We will always face challenges;

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Quebec court says Canadian Pacific Railway not liable in Lac-Megantic train crash

December 22, 2022 Marisela Amador - THE CANADIAN PRESS

MONTREAL – A Quebec Superior Court judge has found that Canadian Pacific Railway was not liable in the 2013 railway disaster that killed 47 people in Lac-Megantic, Que. Justice Martin Bureau ruled Wednesday that the actions the railway company was

Thermal image of a large hurricane atop a digital map of the world. In the middle of the digital map, there is a warning on the digital interface which reads "extreme weather on earth".
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Does Canada have enough hurricane data for parametric solutions?

December 13, 2022 by Alyssa DiSabatino

When it comes to assessing hurricane risk exposure, there’s a data gap between the U.S and Canada, said a panellist in a Canadian Underwriter webinar.  “There’s definitely a gap between the U.S. and Canada,” said Carl Bernier, NatCat specialist at

Cleaning up in Charlottetown after Fiona
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P.E.I. utility Maritime Electric estimates cost of Hurricane Fiona

December 13, 2022 The Canadian Press

CHARLOTTETOWN – Prince Edward Island’s electric utility says it will cost about $35 million to repair damage to the company’s distribution system caused by post-tropical storm Fiona. A spokesperson for Maritime Electric said that estimate is based on invoices received

Close up shot of a barometer pressure gauge ranging from "stormy" to "very dry"
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What’s the better parametric insurance trigger for Canadian hurricanes?

December 12, 2022 by Alyssa DiSabatino

Hurricane risk differs in Canada, which is why parametric insurance triggers that work in the U.S. may not be as effective in Canada, said a panellist in a Canadian Underwriter webinar.   Barometric pressure may be a better parametric trigger

Buildings sit in the water in Rose Blanche-Harbour Le Cou
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How insurance coverage will change as Canadian hurricane risk expands

December 9, 2022 by Alyssa DiSabatino

Parametric insurance is a relatively new product in Canada, and thus is not a big buy for commercial clients, but as climate change is expected to cause more hurricane events in Canada, expect this solution to get more popular north

A man pauses while digging out snow from under a car stuck on a street in the aftermath of a snowstorm, in Vancouver, B.C., Wednesday, Nov. 30, 2022. Delta Mayor George Harvie describes the response to heavy snowfall in the region last week as a "recent failure of provincial highway winter maintenance." THE CANADIAN PRESS/Darryl Dyck
News BrokersCatastrophesClaimsClimate ChangeInsurance

Why this insurer saw double the amount of auto claims. Could it happen again?

December 7, 2022 by Alyssa DiSabatino

A major snowfall in southern British Columbia last week led to a 94% increase in claims compared to the week prior, Insurance Corporation of British Columbia (ICBC) reported. And with more snow being forecast today, drivers should prepare for more