Canadian Underwriter

Topic
Climate Change

A small Canadian flag is staked out on top of a map of Canada
News CatastrophesClimate ChangeInsuranceMarkets / CoveragesRisk

Canada’s most-exposed flood regions

June 10, 2022 by Alyssa DiSabatino

Quebec 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.

A tornado twists across a darkened sky, in a rural field of wheat.
News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Is wind the new water?

June 8, 2022 by Alyssa DiSabatino

When 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

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News ClaimsClaims CanadaClimate ChangeInsurance

Aviva Canada’s eco-friendly approach to claims

June 7, 2022 by Alyssa DiSabatino

Aviva 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.

a maroon coloured minivan is being hoisted on to a tow truck. A fallen tree is in the forefront of the photo. A man in a yellow vest and a CAT vehicle are in the background.
News CatastrophesClimate ChangeInsurance

Becoming better at planning for disasters

June 6, 2022 by Alyssa DiSabatino

If 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,

Streets inundated by heavy rain in the city. The background of urban construction and management.
News BrokersCatastrophesClaimsClimate Change

Brokers want more consistency in overland flood policies

June 2, 2022 by Alyssa DiSabatino

Despite 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

Flooded warehouse full of floating cardboard boxes
News AdjustersCatastrophesClaimsClaims CanadaClimate ChangeInsuranceMarkets / CoveragesProductsRestoration

Why insureds might need parametric coverage alongside conventional policies

June 1, 2022 Megan Linkin

When 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

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClimate ChangeInsuranceMarkets / CoveragesRisk

Could hurricanes in Canada worsen?

June 1, 2022 by Alyssa DiSabatino

The 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

Container ship, heavily loaded, at sea.
News CatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesEngineeringInsuranceMarkets / CoveragesReinsuranceRestorationRisk

War and other factors loom over shipping sector: report

May 27, 2022 Philip Porado

While 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

Delta flooding after hurricane.
News AdjustersBrokersCatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesEngineeringInsuranceMarkets / CoveragesReinsuranceRestorationRisk

How to speed up claims response for NatCats

May 25, 2022 Yasser Korany, Mario Delorme and Mazen Habash

Extreme 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

A twister is pictured at the end of a country road. The sky is dark and storming.
News AdjustersCatastrophesClaimsClimate ChangeInsurance

Was derecho storm damage caused by climate change?

May 25, 2022 by Alyssa DiSabatino

The 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

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClaimsClimate ChangeInsuranceMarkets / Coverages

What Canadians can expect of future hurricane seasons

April 7, 2022 by David Gambrill

Atlantic 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

Surf washes over a beach on Nova Scotia's Atlantic coast.
News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationRisk

P&C industry’s input on coastal protection

April 6, 2022 by Alyssa DiSabatino

Nova 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