Topic
Climate Change
Extension covering “influx of water” trumps broad form flood exclusion
February 6, 2023 by David GambrillA commercial property policy extension granting coverage for an “influx of water derived from natural sources” trumps a policy’s broad form flood exclusion, Alberta’s Appeal Court has found in a 2-1 split decision. A bowling alley in Fort McMurray, Alta.,…
Aviva Canada CEO on brokers’ role in climate change mitigation
February 6, 2023 by Alyssa DiSabatinoBrokers and insurers both said natcats and climate change will be the second biggest issue heading into 2023, according to a Canadian Underwriter survey last month. But one group is more vocal about climate change than the other, one CEO…
What a Canadian public earthquake backstop might look like
January 31, 2023 by David GambrillA federal government backstop designed to help private insurers cover high-risk flooding could be extended to protect Canadians from earthquake risk as well, Canada’s home, car and business insurers suggested in a release Tuesday. Meanwhile, in the absence of a…
Meteorologist explains why future NatCat claims won’t get any better
January 27, 2023 by Alyssa DiSabatinoAs the climate warms, even predictable weather patterns — like El Niño and La Niña, which are affected by rising sea temperatures — are changing alongside the climate, a weather expert warns. And that could mean more frequent and severe…
Why Ontario should worry about worsening weather
January 19, 2023 by Alyssa DiSabatinoFinal numbers for 2022 show another year of NatCats reaching over $3 billion in insured damages (and, at $3.1 billion, the third highest total NatCat losses in Canadian history). Those figures don’t just point to more insured damages losses for…
Where 2022 tallies for insured damages in Canada
January 18, 2023 Canadian Underwriter StaffSevere weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
Which risks will trouble the globe in 2023?
January 13, 2023 by Alyssa DiSabatinoThe cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023. Two years from now, experts expect the cost of living will still be the number one risk on…
Hard market “fatigue” setting in, P&C industry survey suggests
January 12, 2023 by David GambrillHard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many…
Intact reveals fourth quarter catastrophe loss estimate
January 12, 2023 by Alyssa DiSabatinoIntact’s Canadian segment experienced an estimated $77 million, pre-tax, in catastrophe losses during the last quarter of 2022, the company said in a report. That figure is below the previous year’s fourth quarter losses. The Canadian cat losses were mostly…
“Perfect storm”: How Canada’s P&C insurance industry feels about 2023
January 11, 2023 by David GambrillCanada’s property and casualty insurance industry may not be facing its “toughest” year ever in 2023, but more than 89% of industry professionals agree the multitude of issues facing the industry at once is creating a “perfect storm.” “Every year…
Ontario auditor general finds Niagara Escarpment protections lacking
December 20, 2022 Allison Jones - The Canadian PressTORONTO – Ontario is not providing enough funding to allow proper protection of the Niagara Escarpment, where nearly all development permit applications have been approved in the last five years, the province’s auditor general says. A recent report by the…
Does Canada have enough hurricane data for parametric solutions?
December 13, 2022 by Alyssa DiSabatinoWhen it comes to assessing hurricane risk exposure, there’s a data gap between the U.S and Canada, said a panellist in a Canadian Underwriter webinar. “There’s definitely a gap between the U.S. and Canada,” said Carl Bernier, NatCat specialist at…