Canadian Underwriter

Topic
Catastrophes


News Catastrophes

Aftermath of massive St. John’s snowstorm

February 13, 2020 Holly McKenzie-Sutter - THE CANADIAN PRESS

JOHN’S, N.L. – The mayor of St. John’s, Nfld. says the cleanup after last month’s fierce blizzard could cause the city to blow its snow-clearing budget by several million dollars. Newfoundland and Labrador’s capital was under a weeklong state of

News CatastrophesInsuranceReinsurance

When can Canadian clients get advance warning of earthquakes?

February 10, 2020 by Greg Meckbach

If an earthquake hits Canada after 2024, some clients could get at least a few seconds’ advance warning. At least that’s what the federal government is hoping for. “Earthquake early warning has the potential to reduce the impact of a

News CatastrophesClaimsClaims CanadaInsurance

Advice to Canadian industry from former U.S. government flood insurance CEO

February 10, 2020 by Greg Meckbach

A former head of the United States National Flood Insurance Program has some frank advice for Canadian insurance professionals concerned about the lack of affordable overland flood coverage insurance for high-risk properties. “Look at what they have done south of

News CatastrophesEngineeringInsurance

What underwriters can learn from Cloudy with a Chance of Meatballs

February 6, 2020 by Greg Meckbach

Hail is a major driver of insured property damage in Canada, but testing resilience of roofing material by dropping steel balls on it has limited value, a CatIQ Connect speaker suggested Wednesday. Roy Wright, president and CEO of the Insurance

News CatastrophesClaimsClaims CanadaInsurance

What the regulator found when asking if fire following earthquake is covered in Quebec

February 5, 2020 by Greg Meckbach

Most Quebec homeowners are covered for fire following earthquake, according to a survey by the province’s regulator, which canvassed about 90% of insurers doing business in Quebec. The results of the Quebec Autorite des Marches Financiers (AMF) survey indicate that

News CatastrophesClaimsClimate ChangeInsuranceRisk

This is how much severe weather claims could cost in 10 years

February 3, 2020 by Jason Contant

Large losses will become larger, and the average annual severe weather claims paid by insurers in Canada could more than double over the next 10 years, according to a new report from the Insurance Institute of Canada. Since 2013, severe

News CatastrophesClaimsInsurance

A hurricane with snow: RSA Canada reports on Newfoundland’s winter Cat

January 29, 2020 by David Gambrill

With the Canadian army now finished its snow-clearing mission in St. John’s, and an eight-day state of emergency now lifted, RSA Canada’s claims team on the ground expects a slow and steady stream of claims from Newfoundland & Labrador’s record-breaking

News CatastrophesInsurance

Ottawa’s latest response to calls for government flood insurance

January 27, 2020 by Greg Meckbach

It’s been three years since brokers called for a government backstop for residential flood losses, but Ottawa is not specifically committing to any particular model of government-run insurance for homes at high risk of flood. At the moment it is

News CatastrophesClaimsClaims CanadaInsurance

Canada’s biggest insurance losses in 2019

January 22, 2020 by Greg Meckbach

Insured damage from floods, rain, snow and windstorms reached $1.3 billion in 2019, the Insurance Bureau of Canada (IBC) reported Tuesday, citing data from Catastrophe Indices and Quantification Inc. (CatIQ) “Like 2018, no single event in 2019 caused the high

News CatastrophesInsuranceRisk

Why green concerns have experts seeing red

January 20, 2020 by Adam Malik

The World Economic Forum is sounding the alarm that the top most-likely global risks are all environment-related. In the group’s 15th annual Global Risk Report, survey respondents listed their Top 5 most-likely top global risks in 2020: extreme weather climate

News CatastrophesInsuranceMarkets / Coverages

Should the industry have a specific line of business for ‘catastrophe’?

January 16, 2020 by Jason Contant

Is it time the insurance industry starts zeroing in on a single definition of catastrophe? Traditionally, the industry would offer a named perils policy outlining specific catastrophe coverages or an all-risks policy, which covered risks unless they were specifically excluded.

News CatastrophesClimate Change

Natural disaster bills continue to climb: Public Safety Canada

January 9, 2020 Mia Rabson - THE CANADIAN PRESS

Ottawa’s bills for dealing with natural disasters neared half a billion dollars in two of the last three years amid a warning to Canadians that this country was one of the worst affected by climate change in 2018. Data from