Canadian Underwriter

Topic Catastrophes

Stack of 45-rpm hit records
News BrokersCatastrophesClaimsCommercialCommercial AutoConstructionCyberInsurersLoss ControlPersonal AutoPersonal HomeProperty

P&C industry’s 2021 results: A one-hit wonder?

July 28, 2022 by Glenn McGillivray

Last year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE

A wildfire is spreading just west of already fire-ravaged Lytton, B.C.
News B.C.CatastrophesClaimsCommercialConstructionEnvironmentalPersonal Home

What the latest wildfire near Lytton, B.C. reveals

July 22, 2022 by Jason Contant

The out-of-control wildfire burning near Lytton, B.C. shows the community and its surrounding area are at high risk of repeated fires, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). The Nohomin Creek wildfire about 1.7

Silhouette Of Lonely Businessman Standing By Boardroom Table In Office.The chairs around table are empty.He looks desperate.The black and white color and dark atmosphere is used for economic depression feel.
News CatastrophesClaimsEmerging RisksInsurersLiability

What the industry needs to fund the bankruptcy of a Top 70 insurer

July 11, 2022 by David Gambrill

Canadian P&C insurers need a compensation fund four times bigger than its current size of $60 million to handle “systemic contagion” associated with the insolvency of a Top 70 P&C insurer or bankruptcy related to a major earthquake, says the

The River Canard waterway in LaSalle, Ontario
News CatastrophesClaimsEnvironmentalInsurersOntarioPersonal HomeSupply Chain

Where home insurance premiums are trending upwards in 2022

July 8, 2022 by Jason Contant

LaSalle, Ont., has the highest home insurance premiums in the province right now, whereas Ajax, Ont., offers the least expensive home insurance premiums, according to the latest data from rate comparison site RatesDotCa. On average, home insurance premiums in Ontario

Digitally generated modern and minimalist family house/villa in Nature with garage and a terrace.
News CatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsInsurersLoss TrendsPersonal Home

Why home insurers are more exposed to NatCats after the pandemic

July 4, 2022 by David Gambrill

When the pandemic, remote work and a hot housing market combined to cause more Canadians to buy homes in suburban and rural areas, home insurers may have become more exposed to NatCat losses, data from a recent Aviva study found

Flooded Calgary Stampede grandstand
News CatastrophesEnvironmentalInsurersPersonal Home

Should Canada’s flood insurance program combine NFIP and Flood Re?

June 29, 2022 by Jason Contant

Canada could benefit from a flood protection program combining the features of the U.S. National Flood Insurance Program (NFIP) and U.K.’s Flood Re, says credit rating agency DBRS Morningstar, but that view is not entirely shared by Insurance Bureau of

Fire Debris of Houses in a small town with smoke in sky.
News AdjustersB.C.CatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsInsurers

Why it’s taken a year to get Lytton, B.C.’s post-wildfire rebuild underway

June 29, 2022 by David Gambrill

To the naked eye, not much has changed since Lytton, B.C. was razed by a June 30, 2021 wildfire, causing an estimated $100 million in insured damage. Coming up on the fire’s one-year anniversary, debris-removal work has finally begun for

News CatastrophesHROperations

Meet CatIQ’s new president and CEO

June 28, 2022 by Jason Contant

Laura Twidle will be the new president and CEO of Catastrophe Indices & Quantification Inc. (CatIQ), taking over from company founder and well-known insurance industry figure Joel Baker on July 1. Twidle has served as CatIQ’s managing director since 2019.

Damage following the Barrie tornado in July 2021
News CatastrophesConstructionEnvironmentalPersonal HomeProperty

The cheaper we build our buildings, the more they cost after an earthquake, wildfire or tornado

June 17, 2022 by Keith Porter

By Keith Porter, adjunct research professor, civil and environmental engineering, Western University This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original

Riot police dealing with a protest and fire on a city street.
News CatastrophesClaimsClaims ProfessionalsCommercialCommercial AutoConstructionCyberEmerging RisksLoss ControlLoss TrendsProperty

How to help your clients prepare for civil unrest

June 16, 2022 by Philip Porado

Strikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a

Ottawa, Canada - May 25, 2022: A row of power line poles that snapped on Merivale Road, a busy street in the west end of Ottawa. A severe storm known as a derecho passed through the area causing a lot of damage and power outages May 21.
News CatastrophesClaimsInsurersLoss Trends

What the derecho in May cost P&C insurers

June 16, 2022 by David Gambrill

Central Canada’s derecho in May caused more than $875 million in insured damage, making it the sixth-largest natural catastrophe loss in Canadian history. “Damage in Ontario is estimated to be over $720 million, while the storm caused an estimated $155

Hospital damage from the 2018 Camp Fire in California
News CatastrophesClaimsEnvironmentalInsurersPersonal Home

The latest insolvency risk: climate change

June 15, 2022 by Jason Contant

A single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional”