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How interest rates are impacting Canadian insurers' balance sheets
News ClaimsInsurance

How inflation’s helping some Canadian P&C companies

August 24, 2023 Philip Porado

Inflation, and more specifically efforts by Canada’s central bank and its peers worldwide to curb its impacts, has given something of a boost to property and casualty (P&C) insurers’ balance sheets. Specifically, higher interest rates have expanded fixed income investment

Buildings are seen in floodwater following a major rain event in Halifax on Saturday, July 22, 2023. A long procession of intense thunderstorms have dumped record amounts of rain across a wide swath of Nova Scotia, causing flash flooding, road washouts and power outages
News BrokersCatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesRisk

What the Nova Scotia floods cost insurers

August 24, 2023 by Alyssa DiSabatino

A flood and rainstorm event that hit Nova Scotia in July is estimated to have caused over $170 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  The atmospheric river event dropped more than

Global Weather Crisis and World Heat Storm or globe Heat increase and rising world weather temperatures or heat-wave rise as an Earth Day risk or climate change concept with 3D illustration
News CatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesReinsurance

Reinsurance in Canada unlikely to cost less in 2024

August 24, 2023 by David Gambrill

If Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years

The McDougall Creek fire in B.C.
News BrokersCatastrophesClaimsClimate ChangeInsurance

Heavy rain aids in tempering B.C. wildfires in Shuswap, Okanagan regions

August 24, 2023 The Canadian Press

Firefighters in British Columbia’s southern Interior continue to battle a number of major blazes, having been aided by ample rainfall that fell Wednesday over the Okanagan and Shuswap regions. B.C. Wildfire Service information officer Forrest Tower says one weather station

Solid State Battery for EV Electric Vehicle, new research and development batteries with solid electrolyte energy storage for automotive car industry
News ClaimsInsurance

Risks of EV battery repair

August 23, 2023 by David Gambrill

Canadian Collision repair shops and their insurance partners should be investing in training and education to safely repair defective or damaged electrical vehicle (EV) batteries over the next three to five years, attendees heard at Collision Repair magazine’s EV Repair

Donnie Creek wildfire in B.C.
News CatastrophesClaimsClimate ChangeInsurance

How much insurers can expect to pay for Canadian wildfires

August 23, 2023 by Alyssa DiSabatino

Canadian insurers could see between $700 million and $1.5 billion in insured losses from this summer’s wildfire season, DBRS Morningstar predicts in new commentary.  Despite the high loss figures, the claims incurred in 2023 Q3’s wildfire season will be manageable

Smoke from wildfires fills the sky in Yellowknife
News CatastrophesClaimsClimate Change

Yellowknife mayor says it’s too unsafe for residents to return to the capital city

August 23, 2023 by Alyssa DiSabatino

YELLOWKNIFE — The mayor of Yellowknife says it’s not safe for residents to go home to the territorial capital, but notes city officials are working on a return plan as a fire continues to burn about 15 kilometres away. Most

A helicopter carrying water flies over heavy smoke from an out-of-control fire in a suburban community outside of Halifax.
News CatastrophesClaimsClimate ChangeCommercial LinesEarnings / RatingsInsurance

How wildfires are affecting some of Canada’s largest P&C insurers

August 22, 2023 by Alyssa DiSabatino

Despite facing a heavy loss year and an unusually active wildfire season, four of Canada’s publicly traded P&C companies — Intact Financial Corporation, Fairfax Financial Holdings, Definity Financial Corporation and Trisura Group Ltd. — reported positive underwriting profits thus far,

Forest fire near Kelowna, B.C.
News CatastrophesClaimsClimate ChangeInsuranceRisk

Almost 60 buildings lost to wildfire in Kelowna, B.C., area, fire chiefs say

August 22, 2023 Dirk Meissner The Canadian Press

A West Kelowna man says he is still in shock after the wildfire tearing through the region burned down his condo and forced him and his eight-months-pregnant wife to evacuate twice in one night. Randy Miskuski said his family had

News CatastrophesClaimsClimate ChangeInsurance

Update on Yellowknife wildfire

August 21, 2023 The Canadian Press

YELLOWKNIFE, N.W.T – Firefighters battling a wildfire near the capital of the Northwest Territories shifted from defence to offence Monday after a weekend of cooler temperatures, favourable winds and some rain. “We’re in a position to move to direct attack

News AdjustersClaimsClaims CanadaClimate ChangeInsurance

What P&C industry can expect from Kelowna wildfires

August 21, 2023 by David Gambrill

In an eerie coincidence, almost 20 years to the day wildfires caused $200 million in insured damage back in 2003, Kelowna is burning once again. About 30,000 people in the southern Interior region of B.C. — about a third of

Big, deep pothole on city road
News BrokersClaimsClaims CanadaInsurance

Is your client covered for pothole damage?

August 18, 2023 by Jason Contant

The City of Toronto’s Saturday launch of its fifth pothole repair blitz this year brings insurance coverage for pothole damage back into the spotlight. In general, pothole damage in Ontario is covered under optional collision or all-perils auto insurance coverage,