Topic
Catastrophes
How much will Fiona cost Canadian P&C insurers?
September 27, 2022 by Jason ContantPost-tropical storm Fiona could cost the Canadian property and casualty insurance industry between $300 million and $700 million, ratings agency DBRS Morningstar said in a commentary Tuesday. “Fiona will likely be one of the largest catastrophic events in history for…
Here’s how much western Canada’s summer storms cost the industry
September 20, 2022 by Alyssa DiSabatinoSix summer storms across western Canada in July and August will cost the industry approximately $900 million in insured damages — meaning the industry is almost halfway to last year’s total insured damages of $2 billion from these events alone.…
Why your business should use integrated models of risk
September 13, 2022 by Alyssa DiSabatinoIn the midst of geopolitical volatility, a changing climate, inflationary pressures, emerging energy products and more, the best thing risk committees can do is build integrated models of risk, says Janice Gross Stein, founding director of the University of Toronto’s…
Who’s at fault in caution light crashes?
September 12, 2022 by David GambrillCanada’s dreaded amber light: it’s the source of numerous intersection crashes, resulting in untold insurance claims. If you are dispensing driver safety tips to clients, be sure to tell your insureds to watch out when turning left against yellow caution…
Lessons from COVID-19 will help brokers get clients through a recession
September 9, 2022 David GambrillIf a long-predicted recession comes to pass, brokers will need to stay close to their clients’ changing needs. But in some ways, commercial insurance brokers have gained an advantage from the discipline developed while navigating their clients through COVID-19. Those…
Swiss Re report shows trajectory of insured flood losses
September 2, 2022 by Alyssa DiSabatinoInsured flood losses doubled to $80 billion during 2011-20 compared to the previous decade, and global flood losses reached $20 billion alone in 2021, Swiss Re reports. “Increased wealth, larger populations and urbanization have raised flood risk exposures across the…
Canada is witnessing more thunderstorms than ever before
August 23, 2022 Gregory Kopp, David Sills and Julian BrimelowThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Residents in eastern Ontario are still recovering after a tornado-producing thunderstorm…
Why Deloitte doesn’t anticipate a soft market ‘for the next few years’
August 15, 2022 by David GambrillCanada’s commercial P&C insurance market may not soften “for the next few years,” said a report on the industry published by Deloitte. “While there may be products where the market becomes more competitive on new business with good claims experience,…
Newfoundland’s largest wildfire in 60 years: what the P&C industry needs to know
August 8, 2022 by Alyssa DiSabatinoA long-burning forest fire in Newfoundland has charred over 10,800 hectares, but one claims professional says they’ve yet to see any claims come through, since the affected areas are not densely populated. The fire has been burning for close to…
Will inflation reboot the P&C hard market?
August 5, 2022 Philip PoradoAlthough the commercial insurance market shows signs of gradually shifting toward more stable conditions, the hard market isn’t yet in the rear-view mirror and a soft market hasn’t arrived. “I would say we are more in a transitioning market [and]…
Was 2021 a high-water mark for P&C industry returns?
August 4, 2022 Glenn McGillivrayDespite turmoil from the ongoing COVID-19 pandemic that affected everything from the need to work remotely, auto premium rebates and the handling of Cat claims, to the availability and price of building materials and labour, Canada’s P&C insurers still managed…
Auto insurers had it right in accident benefits HST case, Appeal Court rules
August 3, 2022 by David GambrillAuto insurers that paid catastrophically impaired accident victims attendant care benefits prior to a regulatory clarification in 2019 do not have to pay provincial sales tax above and beyond the benefit limits outlined in law, the Court of Appeal for…