Canadian Underwriter

Topic Catastrophes

News B.C.CatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyEducationInsurersLoss ControlLoss TrendsPersonal HomePropertyQuebecRisk Managers

How Ottawa is trying to lower earthquake related property losses

December 7, 2020 by Greg Meckbach

Natural Resources Canada is hoping to help insurers cut their loss costs with a yet-to-be released earthquake early warning system. The warning system could provide seconds to tens of seconds of warning before a location is affected by strong shaking,

News AlbertaCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsInsurersLoss ControlLoss TrendsPersonal HomePropertyRisk Managers

Wildfire damage is not like a Godzilla attack. Why that matters to Cat modellers

December 7, 2020 by Greg Meckbach

A client’s structure can remain standing after a wildfire, even when other buildings in the same neighbourhood burn down, because dozens of factors affect a property’s risk, experts said Thursday during a webinar. “The interesting thing about wildfire is [that]

Feature AdjustersAlbertaCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsInsurersLoss TrendsProperty

Mother Nature’s wrath

December 7, 2020 by Derek Clouthier

Alberta continues to endure the most expensive insured weather events in Canada.  What’s happening and what can be done about it?

News CatastrophesClaimsClaims ProfessionalsPropertyTechnology

Industry urged to get high-quality data into the hands of decision-makers

December 4, 2020 by Adam Malik

Getting consistent, high-quality scientific data into the hands of decision makers can protect people from the fallout of bad choices leading up to a catastrophe, such as what’s happened in Fort McMurray, Alta., a catastrophic data expert says. But it

News AdjustersAlbertaCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsLoss TrendsPersonal HomeProperty

The Alberta hail cat has not stopped biting

November 23, 2020 by Greg Meckbach

Insurers are still receiving new claims from the June 2020 Alberta hail storm that is estimated to have cost the industry more than $1 billion. “We are actually still seeing some new losses reported from the June storm today,” said

News CatastrophesClaimsClaims Canada ArchiveLoss TrendsPersonal HomeProperty

Today’s cat losses ‘unimaginable’ even 10 years ago: mutual CEO

November 12, 2020 by Greg Meckbach

The increase in cat losses over the past 10 years alone is high on the radar for Canada’s mutual insurers and has the industry calling for measures to help adapt properties to severe weather. “We have seen weather and wildfire

News Business InterruptionCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsEmerging RisksInsurersLoss ControlLoss Trends

Lessons for the industry from pandemic business interruption coverage disputes

November 10, 2020 by Greg Meckbach

Massive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private

News CatastrophesClaims Canada ArchiveInsurersLoss TrendsPersonal Home

What historical insured catastrophe losses really mean

November 4, 2020 by Greg Meckbach

If you take a deep dive into the real cost to Canadians of insured major natural disasters, even though the methodology changed around 2008, it still shows a long-term trend of claims cost increases over nearly 40 years, industry experts

News CatastrophesClaimsClaims Canada ArchiveCommercialInsurersLoss ControlLoss TrendsProperty

Why further rate increases could be needed after 2021

October 30, 2020 by Greg Meckbach

Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”

Feature CatastrophesClaimsClaims Canada ArchiveEmerging RisksInsurersLoss ControlLoss TrendsProperty

Storm System

October 15, 2020 by Greg Meckbach, Associate Editor

Several pressures on rate suggest reinsurance premiums will rise during the January 2021 renewal season. By how much? Reinsurance execs look into the crystal ball

News CatastrophesClaims Canada ArchiveInsurersProperty

Cat bonds starting to attract this type of investor

October 15, 2020 by Greg Meckbach

Catastrophe bonds are gaining a reputation as a socially responsible investment, a CatIQ Connect speaker said Wednesday. “Investors seeking investments in the [environmental, social and governance] market are starting to classify cat bonds as a responsible investment,” said Alyson Slater,

News CatastrophesInsurersPropertyTrending

IBC’s solution to ‘finger-pointing’ on who should fund climate resiliency

October 14, 2020 by Greg Meckbach

With weather catastrophes costing the industry billions, insurers are calling for a “whole of society” approach to mitigating climate risk. “Some of our insurer members have been on the vanguard of talking about climate change for many many years now.