Topic Catastrophes
Which insured perils are of most concern to your clients?
December 5, 2022 by David GambrillWinter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe…
Ontario won’t allow homes to be built on floodplains, Ford says after fed warning
December 5, 2022 by Liam Casey - THE CANADIAN PRESSCLARINGTON, Ont. — Ontario has no plans to allow homes to be built on floodplains, Premier Doug Ford said Friday after the federal environment minister warned Ottawa would not provide disaster compensation where development is greenlit in areas prone to…
What do January reinsurance renewals have in store for property insurers?
December 5, 2022 by Alyssa DiSabatinoWith January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd. Catastrophic losses are making leading property insurers selective about the amount…
Flood policy education: What brokers are up against
November 30, 2022 by David GambrillHalf of Canadian homeowners have not purchased additional coverage for water damage, relying on a standard homeowner policy that does not cover risk of overland flood or water seepage into the home. Endorsements are available to extend coverage for water…
How hurricane losses will impact pricing and capacity
November 21, 2022 by Philip PoradoWatch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
Covering larger risks? Why subscriptions may be the way of the future
November 18, 2022 by Philip PoradoAs claims from Cat events and other external risks get larger, the simplest solution to cobbling together coverage might be a subscription approach that spreads risk and reduces individual insurers’ losses. “Subscribing the risk is better for the industry,” George…
Definity CEO on how recession fears are affecting insurance
November 16, 2022 by Jason ContantFear of a looming recession doesn’t appear to be affecting consumers’ purchasing behaviours yet, Definity Financial Corporation president and CEO Rowan Saunders said during a virtual fireside chat with RBC Capital Markets. “Insurance is quite close to being a recession-proof…
Why the hard market may be here to stay
November 15, 2022 by Alyssa DiSabatinoDespite 17 quarters of rate increases, insurers return on equity (ROE) is still below target, and these hard market conditions may not be going anywhere for awhile, a Gallagher executive said during an industry webinar. Broker’s clients may be able…
Has Canada’s P&C hard market finally stabilized?
November 14, 2022 by Jason ContantCanada’s P&C insurance market remains vibrant but unpredictable, although there are signs of stabilization, a Gallagher executive said during an industry webinar Monday. A variety of push-and-pull factors related to underwriting profits, reinsurance rates, interest rates and claims inflation, labour…
New claims-management service launches certificate program for insurers
November 11, 2022 by Alyssa DiSabatinoA new claims management program, which enables insurance companies to divert waste from landfills by recycling flooring and drywall during the claims and restoration process, has officially launched its certification program. The EcoClaim certificate program will enable insurers to…
Nicole to be typical fall storm, but officials warn of outages where Fiona hit hard
November 11, 2022 by The Canadian PressHALIFAX – Environment Canada says the Category 1 hurricane that hit Florida early this morning will feel like a typical fall storm when the weather system makes its way to the East Coast this weekend. But officials are warning to…
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 by Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…