Canadian Underwriter

Topic Catastrophes

Quadcopter drone with 4K video camera flying in the air
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Flying high: Drone use in insurance

September 16, 2021 by Brooke Smith

By 2022, 2.85 million small drones will be flying the friendly skies, according to projections by the Federal Aviation Administration. Our numbers are nowhere near as high. According to Transport Canada, as of Aug. 31, 63,200 drones were registered in

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Why Intact CEO predicts more rate increases for homeowners

September 16, 2021 by Greg Meckbach

Despite a significant industry-wide drop, over three years, in home insurance loss ratios, the CEO of Canada’s biggest carrier is predicting rate increases. “In home insurance, our perspective is that we will see a mid- to upper-single-digit rate increase environment,”

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Contrary to popular belief, Eastern Canada is more at risk of earthquakes than perceived

September 16, 2021 by The Canadian Press

By Jeremy Rimando, Postdoctoral Research Fellow, Structural Geology and Tectonics, McMaster University and Alexander Lewis Peace, Assistant Professor (Structural Geology), McMaster University – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news,

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Why A.M. Best says the Canadian industry profitability is improving

September 15, 2021 by Greg Meckbach

Despite the ongoing COVID-19 pandemic and increasing cost of weather catastrophes, the industry-wide combined ratio still improved 3.7 points last year and the pandemic is part of the reason, A.M. Best Company Inc. suggested in a report released Wednesday. The

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Combined ratio drops 18.2 points in the Lloyd’s market

September 14, 2021 by Greg Meckbach

The Lloyd’s market has returned to profitability. The Corporation of Lloyd’s has reported a 2.1-point improvement in its attritional loss ratio, from 52.6% in during the first six months of 2020 to 50.5% in the first half of this year.

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Will Hurricane Larry meet the cat threshold?

September 14, 2021 by Greg Meckbach

Losses to Canadian clients, from Hurricane Larry, seem to be comprised mainly of wind damage to residential property on Newfoundland Avalon’s peninsula, according to reports from adjusters so far. Hurricane Larry, which originated in the North Atlantic Ocean, passed by

The roof of Mary Queen of Peace elementary school was torn off after Hurricane Larry crossed over Newfoundland's Avalon Peninsula in the early morning hours, in St. John's, Saturday, Sept. 11, 2021. THE CANADIAN PRESS/Paul Daly
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What we know so far about Canadian Hurricane Larry claims

September 12, 2021 by Greg Meckbach

Kent Rowe cannot remember winds as bad as they were this past weekend in the Newfoundland and Labrador capital. “We saw gusts here in St. John’s of up to 145 kilometres an hour that lasted for about five or six

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Hurricane Larry makes landfall in eastern Newfoundland

September 11, 2021 by THE CANADIAN PRESS

ST. JOHN’S, N.L. – Hurricane Larry made landfall as a Category 1 storm in eastern Newfoundland, arriving near South East Bight around midnight local time, according to the National Hurricane Centre in Miami. The storm crashed inland on the western

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Hurricane Larry has arrived at this Canadian location

September 10, 2021 by Greg Meckbach

Hurricane Larry reached Placentia Bay, Nfld. shortly before midnight Friday night. Environment Canada warned southeastern Newfoundland residents Friday that high winds could topple trees, leading to downed power lines. At 11:57 p.m. Atlantic time (12:27 a.m. local time), the center

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Where Hurricane Larry is forecast to make landfall in Canada

September 9, 2021 by Greg Meckbach

Flooding could affect property clients Sept. 10 in the Placentia Bay area of Newfoundland, as winds off the coast may reach 130 kilometres per hour and some areas could get about 50 millimetres of rain. “Hurricane Larry is expected to

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Outlook for reinsurers improves post-pandemic

September 8, 2021 by James Langton, Investment Executive

Despite a recent string hurricanes, floods, wildfires and other natural disasters, the outlook for the global reinsurance sector is improving, according to rating agencies Moody’s Investors Service and Fitch Ratings. In a new report, Moody’s said the outlook for the

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How the hail peril is changing

September 8, 2021 by Jason Contant

Once confined mostly to “hail alley” regions such as south and central Alberta, Texas and Colorado, hailstorms are now doing damage across North America in plenty of regions considered low-risk, says a new white paper from RIMS, the risk management