Summer storms in Alberta and the Prairies caused more than $300 million in insured losses, bringing the cumulative total of Cat losses to date in Canada to more than $2 billion — with another financial quarter to go in 2023.…
Challenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to…
Per- and polyfluoroalkyl substances (PFAS) are the subject of a rising number of lawsuits in the U.S., and the industry can expect litigation to seep into Canada, says a risk professional. Also known as ‘forever chemicals,’ PFAS are a…
Damage stemming from Hurricane Lee won’t be as major as last September’s Hurricane Fiona, insurance experts tell Canadian Underwriter. “At more than $800 million in insured damage, Hurricane Fiona goes down as the costliest natural hazard-related insured loss event…
Although climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is…
New Brunswick and Nova Scotia are bracing for flooding and high winds as Hurricane Lee approaches landfall in Atlantic Canada as a Category 1 storm. Currently showing wind speeds of 155 km/h, Lee is expected to become a strong tropical…
Officials with the British Columbia government and the City of Merritt were aware of significant problems with dikes for several years before a series of atmospheric rivers flooded the community, documents released through a freedom of information request show. The…
It’s increasingly likely Hurricane Lee will make landfall in Atlantic Canada this weekend as either a strong tropical storm or a weak Category 1 hurricane. The Canadian Hurricane Centre and AccuWeather report they are increasingly confident Hurricane Lee will hit…
HALIFAX – Nova Scotia’s housing minister says any request for the province to buy homes damaged in a Halifax suburb in flooding last July would have to come from the municipality. John Lohr says while he’s not prepared to say…
Hurricane Lee is strengthening into a powerhouse Category 5 storm, and some preliminary scenarios suggest it could hit Atlantic Canada as a tropical storm sometime next week, AccuWeather is forecasting. “Lee poses a risk to people from the northern Caribbean…
Wildfires in British Columbia and Northwest Territories continue to present a mixed bag of claims for P&C adjusters. Claims adjusters are seeing a variety of both residential and commercial losses. “Major loss, total losses and less severe claims as well,”…
OTTAWA – A newly released federal memo concedes Canada is “trailing key international partners” who have updated their approaches to securing vital utilities and services from a growing array of risks. The Public Safety Canada memo says “new and rapidly…