Canadian Underwriter

Topic Catastrophes

A fourplex destroyed by a wildfire at Sturgeon Lake Cree First Nation.
News AlbertaCatastrophesClaimsClaims Canada ArchiveEnvironmentalPersonal Home

Warm and dry weather prompts Alberta to declare an early start to wildfire season

February 21, 2024 by The Canadian Press

EDMONTON – The Alberta government has declared an early start to the 2024 wildfire season in the face of low snowpacks and forecasts of dry weather to come. Alberta Forestry and Parks Minister Todd Loewen said Tuesday the season is

Cyber graphic of an arrow pointing upward
News BrokersCatastrophesClaimsCommercialInsurersPersonal AutoPersonal Home

Cats scratch Intact’s bottom line in 2023

February 14, 2024 by Alyssa DiSabatino

Intact Financial Corporation (IFC) has reported elevated catastrophe losses in 2023, raising its combined operating ratio (COR) by 4.3 points since 2022. “The past year has been challenging for society, particularly in the face of numerous natural disasters,” said Charles

Flooded homes following torrential rainfall
News CatastrophesClaimsClaims Canada ArchiveEnvironmentalPersonal Home

Are your clients adding water endorsements to home policies?

February 14, 2024 by Jason Contant

An increasing number of your clients are expressing interest in water endorsements on home insurance policies, according to data from rate aggregator’s home insurance quoter. The rate comparison website found 36% of all home insurance quotes on the tool

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News AlbertaCatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalPersonal Home

Alberta to add firefighters for expected busy wildfire season: minister

February 9, 2024 by Bob Weber – The Canadian Press

Alberta will field more firefighters, more volunteers and more high-tech gear as it braces for what it expects will be another busy wildfire season, the province’s forestry minister said Thursday. And as the province faces a summer of possibly severe

Emergency warning alert on a smartphone
News B.C.CatastrophesClaimsClaims Canada ArchiveEnvironmentalPropertyQuebec

When the national earthquake early warning system goes live

February 8, 2024 by Jason Contant

Canada’s national earthquake early warning system is expected to go live in British Columbia in April followed by Ontario and Quebec this fall, a program manager for the federal government told delegates at CatIQ Connect Wednesday. The system works by

Wildfire in Halifax
News CatastrophesClaimsCommercialConstructionEnvironmentalInsurersLoss ControlPersonal Home

Should the industry incentivize wildfire mitigation?

February 8, 2024 by Alyssa DiSabatino

For the insurance industry, Canada’s record-breaking wildfire season should raise the question: Can we blame people for where they live?  Amid mounting wildfire risk, consumers need incentives from their insurers to apply retrofits that can protect their house from fire

3D rendering of Hurricane Fiona over Nova Scotia
News CatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalNova ScotiaPersonal HomeProperty

Do we need a Category 6 for hurricanes?

February 6, 2024 by Jason Contant

Two climate scientists are questioning whether the open-endedness of Category 5 hurricanes is sufficient to communicate the risk of hurricane property damage in a warming climate. Michael Wehner of Lawrence Berkeley National Laboratory (Berkeley Lab) and James Kossin of First

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News AlbertaCatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalPersonal Home

Alberta fire chiefs want provincial wildfire plan released before season begins

February 1, 2024 by The Canadian Press

EDMONTON – Alberta’s fire chiefs are “urgently” asking the provincial government to explain how it’s getting ready for the upcoming wildfire season and to release its preparedness strategy.  “There is a growing concern among fire chiefs across the province of

Female leader mountain climber is celebrating her success and watching the beautiful scenery of forest and mountain range
News B.C.BrokersCatastrophesClaimsInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoPersonal HomePropertyQuebecSaskatchewan

Home, auto rate increases in 2023 “highest…seen in years.”

January 26, 2024 by David Gambrill

Canadian auto insurance rates increased 10% in 2023 compared to 2022, and similarly home insurance rates saw an increase as well — up 6.6% last year, according to the latest release of the Applied Rating Index. “The close of 2023

Aerial view of homes flooded by rainfall
News CatastrophesClaimsClaims Canada ArchiveEnvironmentalInsurersLoss TrendsPersonal Home

Why personal property results should concern insurers

January 26, 2024 by Jason Contant

Even though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty

Buildings are seen in floodwater following a major rain event in Halifax on Saturday, July 22, 2023. A long procession of intense thunderstorms have dumped record amounts of rain across a wide swath of Nova Scotia, causing flash flooding, road washouts and power outages
News CatastrophesClaimsEnvironmentalNova ScotiaPersonal Home

Months after request, Nova Scotia silent on possible buyout of flooded Halifax homes

January 24, 2024 by Keith Doucette – The Canadian Press

HALIFAX – Frustration is building with a lack of a commitment from the Nova Scotia government to buy and demolish some of the Halifax area homes ravaged by massive flooding last July. Halifax Regional Council sent a letter on Oct.

Autumn background with falling maple leaves.
News CatastrophesCommercial AutoInsurersOperationsPersonal AutoPersonal HomeProperty

The rise and fall of the P&C industry’s financial results

January 22, 2024 by David Gambrill

As the Alan Parson Project once sang, “What goes up, must come down,” and predictions about industry profitability made two years ago are unfortunately coming true — including a marked downward trend of financial results in 2023, says one veteran