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Where 2023 Cat losses stand after summer storms

September 20, 2023 by David Gambrill

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.

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What’s driving challenges in commercial property?

September 19, 2023 by Jason Contant

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

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Forever chemicals: Is PFAS litigation coming to Canada?

September 19, 2023 by Alyssa DiSabatino

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

A downed tree is shown in a yard in Fredericton, N.B. during hurricane-turned post tropical storm Lee
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Will Hurricane Lee cost as much as Fiona?

September 18, 2023 by Alyssa DiSabatino

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

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Climate change not the leading cause of NatCat losses: Verisk

September 15, 2023 by David Gambrill

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

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Why strong housing markets have builders tweaking their insurance

September 14, 2023 Philip Porado

Booming real estate markets in many Canadian cities have top-tier developers considering building sites they might previously have written off. “Here in Toronto, we know the city was heavily industrialized with old manufacturers that were there 100 years before going

Hurricane Lee approaches Atlantic Canada. Satellite image
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Lee update: Where the damage is likely to happen

September 14, 2023 by David Gambrill

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

Oilsands refinery in Fort McMurray, Alta.
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Twin polls suggest slim majority of Albertans support oil and gas emissions cap

September 14, 2023 Bob Weber - THE CANADIAN PRESS

EDMONTON – Most Albertans would support some kind of national cap on carbon emissions from the oil and gas sector, two new polls suggest. The polls, conducted by different polling firms at the same time with the same questions, come

Satellite image of Hurricane Lee
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What to expect if Lee makes landfall in the Maritimes

September 12, 2023 by David Gambrill

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

A gas station destroyed by the Bush Creek East wildfire in Squilax, B.C.
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B.C. sets up climate emergency task force amid wildfire crisis

September 11, 2023 The Canadian Press

VANCOUVER – British Columbia Premier David Eby says he’s launching an expert task force into wildfires, drought and heat emergencies that have hammered the province. Eby, who’s in the B.C. Interior touring wildfire zones, says the province is still focused

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Hurricane Lee: Why the Canadian P&C industry is watching

September 7, 2023 by David Gambrill

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

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Canada ‘trailing partners’ on securing vital utilities and services: internal memo

September 5, 2023 Jim Bronskill - THE CANADIAN PRESS

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