Topic Catastrophes
What makes the Halifax wildfire so unique
May 29, 2023 by Jason ContantNova 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…
How busy will Atlantic hurricane season be?
May 25, 2023 by Seth Borenstein - THE ASSOCIATED PRESSTwo 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…
Losses adjusters don’t want to see from Alberta wildfires
May 24, 2023 by Alyssa DiSabatinoWith 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,…
Rain could slow down record-breaking Alberta wildfires, officials say
May 23, 2023 by Rob Drinkwater - THE CANADIAN PRESSEDMONTON – 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…
Emissions from wildfires hit record high as climate change drives fire threat
May 19, 2023 by The Canadian PressOTTAWA – 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…
Flood warning for part of northwest B.C., other rivers rising as heat grips province
May 17, 2023 by The Canadian PressVANCOUVER — 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…
Private investment needed to ramp up climate adaptation in infrastructure: report
May 16, 2023 by The Canadian PressA 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…
National disaster report highlights industry loss potential
May 12, 2023 by Alyssa DiSabatinoA 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…
What claims may come from the Alberta wildfires
May 8, 2023 by Alyssa DiSabatinoWhile 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…
Why MGAs are here to stay
May 2, 2023 by Alyssa DiSabatinoHard 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…
How many Canadian properties are at high risk of wildfire?
May 2, 2023 by Jason ContantApproximately 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…
Is political risk the next NatCat?
May 1, 2023 by Philip PoradoMuch 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…