Topic Catastrophes
How Aviva Canada fared in 2023
March 7, 2024 by Jason ContantAviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft. The undiscounted ratio for 2023 was up…
How home insurance premiums are trending
March 6, 2024 by Jason ContantCanadian home insurance policyholders should brace for price increases this year following a nearly 8% year-over-year increase since the beginning of the year, according to internal data from rate comparison site My Choice Financial. Canada’s home insurance landscape is poised for…
How clients can be motivated on climate action
March 5, 2024 by Jason ContantMeasures to help mitigate climate change are a known commodity, it’s just a matter of motivating the public, government and regulators to take action, speakers suggested Monday at an industry event. Climate change is irreversible, but its rate can be…
Inaccurate data on forest fuels may stoke B.C. wildfires, study finds
March 4, 2024 by Brenna Owen - The Canadian PressWildfire fighting and forest management decisions are potentially being hampered by inaccurate government data that misrepresents forest fuel loads in British Columbia’s Interior, a new study has found. The B.C. government says the provincial wildfire service is working with the…
Why Co-operators posted an underwriting loss in 2023
February 26, 2024 by Alyssa DiSabatinoCo-operators General Insurance Company reported an annual underwriting loss of $184 million in 2023. This figure, which excludes discounting and risk adjustment, accounts for “a decline of $356.2 million from the underwriting gain of $171.3 million in the same period of 2022.” Discounted estimates…
Warm and dry weather prompts Alberta to declare an early start to wildfire season
February 21, 2024 by The Canadian PressEDMONTON – 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…
Cats scratch Intact’s bottom line in 2023
February 14, 2024 by Alyssa DiSabatinoIntact 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…
Are your clients adding water endorsements to home policies?
February 14, 2024 by Jason ContantAn increasing number of your clients are expressing interest in water endorsements on home insurance policies, according to data from rate aggregator Rates.ca’s home insurance quoter. The rate comparison website found 36% of all home insurance quotes on the tool…
Alberta to add firefighters for expected busy wildfire season: minister
February 9, 2024 by Bob Weber – The Canadian PressAlberta 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…
When the national earthquake early warning system goes live
February 8, 2024 by Jason ContantCanada’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…
Should the industry incentivize wildfire mitigation?
February 8, 2024 by Alyssa DiSabatinoFor 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…
Do we need a Category 6 for hurricanes?
February 6, 2024 by Jason ContantTwo 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…