Canadian Underwriter

Topic Catastrophes

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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

A dike breach in Ste-Marthe-sur-le-Lac, Que.
News CatastrophesClaimsEnvironmentalLegalPersonal HomeQuebec

Residents of Quebec town still struggle with aftermath of 2019 flooding

May 1, 2023 by Morgan Lowrie - THE CANADIAN PRESS

SAINTE-MARTHE-SUR-LE-LAC, Que. – Sylvie Bechard had only owned her little brick house for six months when her neighbour came banging on her door on the night of April 27, 2019. The dike holding back the Lake of Two Mountains had

Conceptual image of a businessman as Atlas with the world on his shoulders.
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What kind of retentions insurers took on during reinsurance renewals

April 24, 2023 by David Gambrill

Although pricing caught most people’s attention during the January reinsurance renewal season, the terms and conditions were restricted, contributing to why Canada’s primary insurers are retaining more risk for high-frequency secondary perils. “Over the last number of years, there’s been

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Flood backstop, check. Now, what’s the industry’s next agenda item?

April 21, 2023 by Alyssa DiSabatino

Now that Canada has introduced a commitment to a backstop for high-risk flood insurance, the next item for change should be an government earthquake backstop, a panellist noted at the the Insurance Institute of Canada’s Symposium in Toronto Wednesday.  Arguably,

Seismograph printing seismic activity records of a severe earthquake
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PACICC urges feds to move on quake backstop

April 20, 2023 by David Gambrill

Canada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to

A leap of faith into 2023 for insurers seeking improved profits
News BrokersCatastrophesCommercialCommercial AutoConstructionPersonal AutoPersonal HomeProperty

Will Canada’s 2023 underwriting results track U.S. improvements?

April 19, 2023 by Philip Porado

Canadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile

Cleaning up in Charlottetown after Fiona
News CatastrophesClaimsEnvironmentalInsurers

How the P&C industry can avoid another record year for NatCat damages

April 18, 2023 by Alyssa DiSabatino

If Canadian insurers want to avoid another year of more than $3.1 billion in insured damages, age-old quandaries such as the national flood program, land use policies, and building codes need to be revisited, said panellists at Swiss Re’s 37th

People survey the damage around their home in Montreal after the ice storm.
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How recent extreme weather compares to 1998 Quebec ice storm

April 12, 2023 by Jason Contant

The storm that struck Ontario and Quebec — leaving some Quebecers without power for more than a week — was large, but it was nothing compared to the infamous 1998 Quebec ice storm, industry professionals said. Catastrophe Indices and Quantification

Flooded Calgary Stampede grandstand
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What Canada’s national flood insurance program could look like

March 31, 2023 by Jason Contant

Canada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government

Bad extreme heavy rain storm weather. Flooded streets of the neighborhood. A flooded road junction with a drowned car. Heavy rains from tropical storm caused many flooded areas.
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Feds commit money for new national flood insurance program

March 29, 2023 by David Gambrill

Canada’s federal government finally put numbers to a low-cost flood insurance program, committing $31.7 million over three years to protect households at high risk of flooding and without access to adequate insurance. Details about the program remain up for discussion,

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News CatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalInsurersLoss Trends

Will the multi-billion-dollar Cat loss trend continue indefinitely?

March 22, 2023 by Jason Contant

Global insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend

Silhouette of the Power plant in Kiev.
News CatastrophesEnvironmentalInsurersLoss Trends

How the P&C industry can step up after the UN’s latest climate change warning

March 20, 2023 by Alyssa DiSabatino

The world keeps inching toward a dangerous climate threshold, but if swift action on greenhouse gas (GHG) reductions are taken in all sectors, including insurance, it’s possible to avert catastrophic warming, a new report said.   There may be more