Canadian Underwriter

Topic
Catastrophes


News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Economic losses top US$300 billion in 2017

December 20, 2017 by Canadian Underwriter

Insured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsurance

Insurers, society face irreversible climate change: reinsurance board exec

December 19, 2017 Greg Meckbach, Associate Editor

Wildfires that hit British Columbia earlier this year and that continue to affect California are among the effects of climate change, says Karen Gavan, former CEO of Waterloo, Ont.-based Economical Insurance. “Literally California has been burning all fall,” said Gavan,

News CatastrophesClaimsConstructionInsuranceMarkets / CoveragesReinsurance

‘Resilient, but tired:’ Mental effects of wildfire lingering in Fort McMurray

December 18, 2017 The Canadian Press

FORT MCMURRAY, Alta. – Firefighter Mark Stephenson says he can’t drive through Fort McMurray without being brought back to May 2016. That’s when, in the thick of battling a ferocious wildfire that destroyed 10 per cent of the northern Alberta

News Catastrophes

Lessons for Canadians from California wildfires

December 13, 2017 Greg Meckbach, Associate Editor

Recent record wildfire losses in California serve as a reminder to Canadians that certain buildings separated from the woods can still burn down, a Canadian disaster prevention research executive suggests. Losses from the California wildfires, in excess of $10 billion,

Feature Catastrophes

Burning Questions

December 11, 2017 Angela Stelmakowich, Editor

What is needed to create enhanced focus and kick-start more action with regard to the wildfire peril in Canada? Approaches deserving of a look (or a closer look) range from improving stakeholder understanding of the potential related losses to rethinking how the peril needs to be modelled and addressed within insurance policies.

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Catastrophes likely to have “muted” effect on Canadian reinsurance pricing

December 4, 2017 Jason Contant, Online Editor

Reinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including

Feature Catastrophes

In the Alternative

November 29, 2017 Greg Meckbach, Associate Editor

Losses from recent hurricanes could top US$100 billion, threatening to wipe out some Cat bonds. Still, reinsurance experts say investor support for new insurance-linked securities remains strong, with any players opting to exit the market expected to be easily replaced.

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesProductsReinsurance

Will nat cats increase product pricing in Canada?

November 28, 2017 Jason Contant, Online Editor

Increases in natural catastrophes and the price of reinsurance could also drive up the price of insurance products in Canada, the federal financial regulator said Tuesday. “Our concern is in the longer run, we’ll see increases in the price of

News CatastrophesInsuranceLegislation / RegulationMarkets / Coverages

MPP seeks “accident forgiveness” for public emergency claims

November 27, 2017 Greg Meckbach, Associate Editor

An effort to forbid Ontario insurers from terminating a policyowner’s contract on the basis of a claim arising from a declared public emergency highlights concerns over the lack of a government backstop for home flood coverage, an Insurance Bureau of

News CatastrophesClaimsInsuranceMarkets / Coverages

Frustrated brokers ready to drop carriers over flood confusion

November 24, 2017 Greg Meckbach, Associate Editor

Swirling in the eddies of confusion about overland coverage, frustrated Canadian brokers are threatening to drop carriers and are worried about errors and omission (E&O) claims related to overland flood insurance. Canada-wide, there is a “host of wordings out there”

News CatastrophesClaimsInsuranceMarkets / Coverages

More Windsor residents eligible for Ontario government flood relief

November 20, 2017 Greg Meckbach, Associate Editor

Nearly three months after torrential downpours gave rise to more than $100 million in insured losses in and near Windsor, the Ontario government announced Monday it has expanded the number of property owners eligible for disaster relief. “Expanding the original

News CatastrophesInsuranceMarkets / Coverages

Will feds get involved in flood coverage for high-risk homes?

November 16, 2017 Greg Meckbach, Associate Editor

Despite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage. Canadian Underwriter asked Public