Canadian Underwriter

Topic Catastrophes

Forest fire burning in Nova Scotia
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What makes the Halifax wildfire so unique

May 29, 2023 by Jason Contant

Nova Scotia is no stranger to wildfire, but the out-of-control blaze burning in suburban Halifax is unique in its aggressiveness, Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction told Canadian Underwriter Monday.  As of Monday afternoon, an

Hurricane Fiona damage in Burnt Island, Nfld.
News CatastrophesClaimsEnvironmental

How busy will Atlantic hurricane season be?  

May 25, 2023 by Seth Borenstein - THE ASSOCIATED PRESS 

Two clashing climatic behemoths, one natural and one with human fingerprints, will square off this summer to determine how quiet or chaotic the Atlantic hurricane season will be.   An El Nino is brewing and the natural weather event dramatically dampens

Damaged property from recent wildfires is shown in Drayton Valley, Alta.
News AdjustersAlbertaB.C.BrokersCatastrophesClaimsInsurersNWTSaskatchewan

Losses adjusters don’t want to see from Alberta wildfires

May 24, 2023 by Alyssa DiSabatino

With wildfires raging on across Alberta and the west, adjusters are hoping the fires stay remote and spare populous areas from catastrophic losses. “We are seeing some claims and anticipate seeing many more as dangerous conditions persist,” Patricia (P.J.) Davis,

A structure destroyed by a wildfire in Drayton Valley, Alta.
News AlbertaCatastrophesClaimsClaims Canada ArchiveInsurersPersonal Home

Rain could slow down record-breaking Alberta wildfires, officials say

May 23, 2023 by Rob Drinkwater - THE CANADIAN PRESS

EDMONTON – Light rainfall and cooler temperatures slowed down wildfire activity in Alberta over the long weekend and more rain that’s in the forecast may help firefighters catch a breath during a record-breaking season of fires. “This could be a

Smoke from wildfires in Alberta blankets Calgary
News AlbertaB.C.CatastrophesClaimsEmerging RisksEnvironmentalOntarioTrending

Emissions from wildfires hit record high as climate change drives fire threat

May 19, 2023 by The Canadian Press

OTTAWA – Emissions from wildfires hit a new record in 2021 as the blazes that raged in Western Canada and Ontario produced more greenhouse gases than the oil and gas sector and heavy industry combined. Canada’s forests are relied on

The Fraser Valley in B.C. after flooding on Nov. 21, 2021
News B.C.BrokersCatastrophesClaimsEmerging RisksEnvironmentalInsurers

Flood warning for part of northwest B.C., other rivers rising as heat grips province

May 17, 2023 by The Canadian Press

VANCOUVER — A flood watch covered the Skeena region of northwestern British Columbia Tuesday as unseasonably warm temperatures swelled rivers in many areas of the province. B.C.’s River Forecast Centre posted the warning for the Skeena and Bulkley rivers and

Eco-friendly building in a modern city
News CatastrophesEmerging RisksEnvironmental

Private investment needed to ramp up climate adaptation in infrastructure: report

May 16, 2023 by The Canadian Press

A new report by the Canadian Climate Institute says private capital is needed to invest in climate adaptation infrastructure as extreme weather events like fires and floods become more acute by the year. The report co-authored by insurance firm The

A closeup of a seismograph machine needle drawing a red line on graph paper depicting seismic and earthquake activity - 3D render
News B.C.CatastrophesClaimsEmerging RisksEnvironmentalInsurersLoss ControlLoss TrendsOntarioPersonal HomeQuebec

National disaster report highlights industry loss potential

May 12, 2023 by Alyssa DiSabatino

A major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns.  Of pertinence to the industry, as insured damages for a severe earthquake could broach

Police block the road into the wildfires near Entwhistle Alberta on Sunday May 7, 2023. THE CANADIAN PRESS/Jason Franson.
News AlbertaB.C.BrokersCatastrophesClaimsEnvironmentalInsurersSaskatchewan

What claims may come from the Alberta wildfires

May 8, 2023 by Alyssa DiSabatino

While it’s too early to estimate losses, Canada’s P&C industry is anticipating incoming property damage claims due to Alberta wildfires and insurers may have already begun to see claims from non-physical aspects of the policies, experts tell Canadian Underwriter. As

Teamwork of businesspeople work together and combine pieces of gears. Partnership and integration concept
News BrokersCatastrophesClaimsCommercialEmerging RisksInsurersMGAs

Why MGAs are here to stay

May 2, 2023 by Alyssa DiSabatino

Hard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens.  Unlike primary insurers, MGAs provide capacity in specialized areas of

A burnt out neighbourhood following the Fort McMurray, wildfire.
News CatastrophesCommercialEmerging RisksEnvironmentalTechnology

How many Canadian properties are at high risk of wildfire?

May 2, 2023 by Jason Contant

Approximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva

World map representing global trade
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Is political risk the next NatCat?

May 1, 2023 by Philip Porado

Much like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend