Topic
Claims
What’s Franklin have in store for Atlantic Canada?
August 29, 2023 Philip PoradoAs Hurricane Franklin starts turning North, Atlantic Canada is watching and waiting to see whether it makes a direct hit, or if the storm will weaken before reaching Canada’s coast, as current maps suggest. Franklin is expected to cross the…
Fall risks associated with e-scooters
August 25, 2023 Brittany Sinclair, B.Sc., P.Eng. 30 Forensic EngineeringEditor’s note: This is the first of a two-part series on the biomechanics of rider falls from e-scooters. Part 2 will appear next week. Canada’s capital is in the midst of its fourth electric scooter (or e-scooter) pilot program.…
Why secondary perils are of primary concern to insurers
August 25, 2023 by David GambrillSo-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or…
Grapes of wrath: How the wildfires could burn your winery clients
August 25, 2023 by Alyssa DiSabatinoAs wildfires rage across Canada, wineries might struggle to keep smoke from tainting their crops. Such was the case for wineries operating in and around southern Oregon in 2020, said Heidi Moore, insurance agent for U.S-based Country Financial and host…
How inflation’s helping some Canadian P&C companies
August 24, 2023 Philip PoradoInflation, 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…
What the Nova Scotia floods cost insurers
August 24, 2023 by Alyssa DiSabatinoA 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…
Reinsurance in Canada unlikely to cost less in 2024
August 24, 2023 by David GambrillIf 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…
Heavy rain aids in tempering B.C. wildfires in Shuswap, Okanagan regions
August 24, 2023 The Canadian PressFirefighters 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…
Risks of EV battery repair
August 23, 2023 by David GambrillCanadian 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…
How much insurers can expect to pay for Canadian wildfires
August 23, 2023 by Alyssa DiSabatinoCanadian 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…
Yellowknife mayor says it’s too unsafe for residents to return to the capital city
August 23, 2023 by Alyssa DiSabatinoYELLOWKNIFE — 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…
How wildfires are affecting some of Canada’s largest P&C insurers
August 22, 2023 by Alyssa DiSabatinoDespite 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,…