Canadian Underwriter

Topic
Catastrophes


News CatastrophesInsuranceMarkets / CoveragesReinsurance

2017 cat bond issuance reaches record levels

January 5, 2018 by Jason Contant

Catastrophe bond issuance in 2017 reached record levels, including in Canada, as insurers and reinsurers sponsored approximately US$10.5 billion in cat bonds. According to data from the Artemis.bm Deal Directory, there was more than US$10.5 billion in issuance last year,

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

How insurers protect their earnings against multiple catastrophes

January 4, 2018 by David Gambrill

With the rise of multiple major catastrophe events in Canada, look for primary insurers to start seeking aggregate reinsurance covers as a means to adapt to climate change-related losses. “It’s the new normal that the companies are going to have

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Why Canadian insurers should feel lucky after 2017

January 3, 2018 by Greg Meckbach

After a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker,

News CatastrophesEarnings / RatingsInsuranceMarkets / Coverages

2018 Outlook: John Taylor, President, CEO, Ontario Mutual Insurance Association (OMIA)

January 3, 2018 John Taylor

A lot of time and effort in 2018 will be spent reviewing this past year, which could be characterized as “the year of the water claim.” Almost all Ontario mutuals were exposed to one or more heavy rainfall events in

News CatastrophesClaimsInsurance

2018 Outlook: Greg Somerville, President, CEO, Aviva Canada

January 3, 2018 Greg Somerville

There is no denying that natural hazards such as B.C wildfires, multiple flooding events and the hurricanes thrashing our neighbours have been top of mind for the property and casualty insurance industry of late. Too often, these major incidents are

News CatastrophesInsuranceMarkets / CoveragesReinsurance

2018 Outlook: Heidi Sevcik, President, CEO, Gore Mutual Insurance Company

January 2, 2018 Heidi Sevcik

The pace of change in the property and casualty market remains faster than ever before, increasing the need for cooperation and innovation in 2018. The increasing frequency of severe weather events emphasizes the importance of the industry and governments working

News CatastrophesClimate ChangeInsuranceLegislation / RegulationMarkets / Coverages

2018 Outlook: Denis Dubois, President, COO, Desjardins General Insurance Group

December 29, 2017 Denis Dubois

Canada’s property and casualty insurance industry will continue to evolve rapidly in 2018 in response to accelerating technology, changing customer expectations and climate change. Technology is a double-edged sword for insurers. Vehicles are safer than ever thanks to multiple sensors

News CatastrophesClaimsEarnings / RatingsInsuranceMarkets / CoveragesTechnology

2018 Outlook: Ulrich Kadow, Chief Agent of Canada, Allianz Global Corporate & Specialty Americas

December 29, 2017 Ulrich Kadow

Across all markets, including Canada, pricing levels are generally at historic lows, which in many cases are well below technical pricing recommendations. Globally, recent natural catastrophes have highlighted the increasing frequency and potential severity of major events, potentially leading to

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,