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Catastrophes


News CatastrophesInsuranceMarkets / CoveragesTechnology

Insurers urged to share cat models to help map flood risk

February 1, 2018 by David Gambrill

Catastrophe models that Canadian insurers use to predict flood damage should be open-sourced, free and accessible to everyone, says the chief executive of an open source cat modelling platform. A common theme at the C4 conference in Ottawa, organized by

News CatastrophesInsurance

Natural disaster recovery: Who owns the risk?

January 31, 2018 by David Gambrill

Canadians are not fully aware of their exposure to natural catastrophe risks, triggering a conversation at the C4 2018 conference in Ottawa about who is responsible for shouldering the heavy load of mounting disaster recovery costs. Organized by Catastrophe Indices

News CatastrophesClaimsConstructionInsurance

Fort McMurray embraces plan to bolster wildfire prevention in region

January 31, 2018 The Canadian Press

FORT MCMURRAY, Alta. – Lawmakers in Fort McMurray have approved a plan to help prevent destructive wildfires such as the one that ravaged the community in 2016. The Regional Municipality of Wood Buffalo council says the five-year mitigation strategy includes

News CatastrophesClaimsInsuranceReinsurance

How 2017 hurricanes could affect Canadian insurance prices

January 24, 2018 by Greg Meckbach

Canadian property insurers could face reinsurance rate hikes this June as an indirect result of recent California wildfires and North Atlantic hurricanes, a ratings firm analyst predicts, echoing the opinions of several commentators in the Canadian property and casualty (P&C)

News CatastrophesConstructionInsuranceMarkets / Coverages

Your commercial client’s biggest exposure in 2018

January 19, 2018 by Jason Contant

Business interruption will be the top risk for companies in Canada this year, according to Allianz Global Corporate & Specialty’s (AGCS) Allianz Risk Barometer 2018. “Business interruption (BI) can be a consequence of many of the other risks identified in

News CatastrophesInsuranceMarkets / Coverages

Was Atlantic winter storm 2018’s first cat event?

January 16, 2018 by Jason Contant

A winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ

News CatastrophesMarkets / CoveragesReinsurance

Your only hope to prevent a higher reinsurance bill this year

January 16, 2018 by Greg Meckbach

Insurance rates will rise in Canada this year unless catastrophe losses are lower than normal, a speaker suggested to industry professionals Tuesday. “I do expect that as this year unfolds, unless we have a very benign 2018, we do expect

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Which insurers were hit hardest by the third-quarter hurricanes?

January 15, 2018 by David Gambrill

Which (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Guess how much a magnitude-5.8 earthquake in eastern Canada could cost insurers?

January 15, 2018 Peter Rakobowchuk - THE CANADIAN PRESS

MONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.

News CatastrophesClaimsInsuranceMarkets / Coverages

Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year

January 9, 2018 by David Gambrill

Canadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”

News CatastrophesClaimsInsuranceMarkets / CoveragesReinsurance

Was 2017 the costliest year ever for insured losses?

January 8, 2018 by Jason Contant

Munich Re has confirmed what industry analysts have long speculated — the hurricane trio of Harvey, Irma and Maria made 2017 the year of the highest global insured losses ever. The final insurance bill for those three hurricanes and other

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,