Topic
Climate Change
Canada’s most-exposed flood regions
June 10, 2022 by Alyssa DiSabatinoQuebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.…
Is wind the new water?
June 8, 2022 by Alyssa DiSabatinoWhen a storm hits, it’s no surprise that extreme wind can be a significant driver of insured losses — but wind may actually edge out water as the industry’s costliest weather event, said one industry expert. “From 2008 to…
Aviva Canada’s eco-friendly approach to claims
June 7, 2022 by Alyssa DiSabatinoAviva Canada is piloting an eco-friendly claims process, part of its plan to become a net-zero company by 2040. Notably, the company is mobilizing its efforts to respond to climate change by recycling and sorting materials during the claims process.…
Becoming better at planning for disasters
June 6, 2022 by Alyssa DiSabatinoIf the ongoing flooding in Manitoba and the Ontario/Quebec derecho storm of last month taught us anything, it’s that we must change how we think about natural disasters, argue the Institute for Catastrophic Loss Reduction’s Glenn McGillivray, and PhD candidate Korey Pasch,…
Brokers want more consistency in overland flood policies
June 2, 2022 by Alyssa DiSabatinoDespite Manitoba being battered by flooding and severe weather since mid-April, many homeowners may find themselves without overland flood coverage, according to the CEO of the Insurance Brokers Association of Manitoba. Following an “unseasonably cold spring,” significant snowmelt in…
Why insureds might need parametric coverage alongside conventional policies
June 1, 2022 Megan LinkinWhen Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined…
Could hurricanes in Canada worsen?
June 1, 2022 by Alyssa DiSabatinoThe trend of above-average hurricane seasons is expected to continue this year and Canadian insurers should heed this warning by preparing Atlantic businesses for more severe hurricanes, according to Allianz Global Corporate & Specialty’s Atlantic Hurricane Season Outlook 2022. “Although Canada…
War and other factors loom over shipping sector: report
May 27, 2022 Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
How to speed up claims response for NatCats
May 25, 2022 Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
Was derecho storm damage caused by climate change?
May 25, 2022 by Alyssa DiSabatinoThe Long Weekend derecho storm in Ontario and Quebec, which spawned a tornado in Uxbridge, Ont., and resulted in over 1,000 kilometers of damage, is “very difficult” to credit as a climate change event, even though the industry is seeing…
What Canadians can expect of future hurricane seasons
April 7, 2022 by David GambrillAtlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during…
P&C industry’s input on coastal protection
April 6, 2022 by Alyssa DiSabatinoNova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict…