Topic Catastrophes
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…
How Canada’s insured cat losses stack up globally
January 25, 2023 by Alyssa DiSabatinoSevere weather made 2022 the third costliest year on record for Canadian insurers, and the fifth costliest year globally, said a report this week from Aon. These events point to a severe gap in insurance protection in some parts of…
How adjusters can benefit from putting consumers in control of their claims
January 19, 2023 by Jason ContantWhen severe weather events take place, not everything can be fixed overnight. There are only so many contractors and thousands of homes will likely need repairs ranging from major to minor. “It comes down to triaging and putting the insured…
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 by 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…
What are Canada’s major business risks for 2023?
January 17, 2023 by Alyssa DiSabatinoCyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023. The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),…
What’s driving reinsurer underwriting margins in 2023?
January 16, 2023 by Philip PoradoUnderwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal…
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…