Canadian Underwriter


Palm trees in a hurricane
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceMarkets / CoveragesReinsuranceRisk

How Cats will impact insurers’ and reinsurers’ pricing and investments

November 3, 2022 Philip Porado

Rising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row

A maroon coloured minivan is being hoisted on to a tow truck. A fallen tree is in the forefront of the photo. A man in a yellow vest and a CAT vehicle are in the background.
News CatastrophesClaimsClaims CanadaInsuranceRestoration

City of Ottawa awaits answers on derecho storm compensation

October 31, 2022 Cindy Tran - THE CANADIAN PRESS

OTTAWA – More than five months after a powerful storm damaged property and left people without power for days, the City of Ottawa has yet to be reimbursed by the provincial government for its recovery costs. The derecho, a line

The Fraser Valley in B.C. after flooding on Nov. 21, 2021
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B.C.’s ‘vulnerable’ Fraser Valley needs flood control plan, Senate committee warns

October 27, 2022 The Canadian Press

OTTAWA – The Senate Committee on Agriculture and Forestry is calling for a comprehensive flood control plan for British Columbia’s Fraser Valley following last year’s catastrophic floods. Last November, historic rainfall caused flooding of 15,000 hectares of land, affecting more

Aerial view of a small town with several houses completely flooded. Consequence of climate change.
News AnnouncementsCatastrophesClaimsClimate ChangeInsurance

P&C insurers call for a real estate climate risk score

October 26, 2022 by David Gambrill

Canadian P&C insurers are banding with Canada Mortgage and Housing Corporation (CMHC) to push for the disclosure of a real estate “climate score,” indicating the likelihood of a building or property being damaged during a natural catastrophe. Insurance Bureau of

Art/Illustration: group of people discussing
News AdjustersCatastrophesClaimsInsuranceRestoration

Communication around claims must be top priority: CEOs

October 24, 2022 by David Gambrill

Supply chain pressures and labour shortages mean Canada’s P&C industry and its suppliers need to focus on communications around claims service to maintain consumer trust and high service levels, insurance executives told a broker conference last week. Matthew Turack, group

Buildings sit in the water in Rose Blanche-Harbour Le Cou
News CatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesInsuranceMarkets / Coverages

Fiona officially the costliest extreme weather event in Atlantic Canada

October 19, 2022 by Jason Contant

Hurricane Fiona is the costliest extreme weather event ever recorded in Atlantic Canada, at $660 million in insured damage, according to preliminary estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The long-lived and powerful storm on Sept. 24 is also

Clean-up from post-tropical storm Fiona in Port aux Basques, Nfld.
News CatastrophesClaimsInsuranceRestoration

Nova Scotia legislation would require storm readiness by telecommunications companies 

October 13, 2022 The Canadian Press

HALIFAX – Nova Scotia is proposing legislation that would require telecommunications companies to be better prepared for weather events like post-tropical storm Fiona or risk stiff fines.   Amendments to the Emergency Management Act and the Emergency 911 Act would

Flooding in Abbotsford, B.C. in November 2021
News CatastrophesClimate ChangeInsurance

Climate Changed: Catastrophe experts say retreat from flood risk is ‘critical option’

October 12, 2022 Amy Smart - THE CANADIAN PRESS

VANCOUVER – All climate disasters are not created equal and the Institute for Catastrophic Loss Reduction recommends retreat in the face of only one type of threat. “In our opinion, retreat is not an option that is important for most

Firefighter spraying water at a house fire
News CatastrophesClaimsInsuranceMarkets / Coverages

No way to enforce fire codes on First Nations, and new law would be costly: document

October 5, 2022 Stephanie Taylor - THE CANADIAN PRESS

OTTAWA – There is no way to enforce building or fire codes on First Nations and pursuing a legislative fix would require significant time and money, federal officials warn in an internal briefing document. But Blaine Wiggins, the senior director

Mara Elieser, whose husband kept a boat docked nearby, takes photos at the destroyed bridge leading to Pine Island, in the aftermath of Hurricane Ian in Spring Hill, Fla., Sunday, Oct. 2, 2022. The only bridge to the island is heavily damaged so it can only be reached by boat or air. (AP Photo/Gerald Herbert)
News AdjustersCatastrophesClaimsClimate ChangeInsuranceReinsuranceRestorationRisk

How Hurricane Ian will strain insurers’ capacity

October 3, 2022 Philip Porado

Hurricane Ian’s Florida landfall last week and subsequent return to the Carolinas means it’s shaping up to be one of the costliest storms in U.S. history. But, while the storm that arrived on the heels of Hurricane Fiona caused massive

Rubble and damage from Hurricane Fiona in Newfoundland
News AdjustersCatastrophesClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesRestoration

What happened to the ‘quiet’ hurricane season?

September 30, 2022 by Jason Contant

Not long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida

Workers cleaning up devastation from Hurricane Fiona
News AdjustersCatastrophesClaimsClaims CanadaInsuranceMarkets / CoveragesRestoration

What claims adjusters are seeing from Fiona

September 28, 2022 by Jason Contant

Claims adjusters are seeing a wide variety of personal and commercial lines claims in the wake of post-tropical storm Fiona – everything from food spoilage and infrastructure claims to total losses. “Currently, we are seeing claims for personal and commercial