Canadian Underwriter

Topic Catastrophes

Flood and black smoke from a fire in Abbotsford
News B.C.CatastrophesEnvironmentalLoss Trends

P&C industry must get better at modelling secondary perils: reinsurance exec

June 13, 2022 by Jason Contant

The property and casualty insurance industry in Canada and globally needs to improve its modelling and understanding of secondary perils, which have seen increased frequency over the past decade, says a speaker from Swiss Re during an industry event. “We

The burned-out remains of businesses and properties destroyed by the Lytton wildfire
News B.C.CatastrophesConstructionEnvironmental

Rebuild of Lytton, B.C., after devastating wildfire to begin by September: minister

June 13, 2022 by Sarah Ritchie - THE CANADIAN PRESS

OTTAWA – Rebuilding in the fire-ravaged village of Lytton, B.C., is likely to begin in September, according to the province’s minister of public safety. That would be 15 months after an out-of-control wildfire swept through and burned 90 per cent

A small Canadian flag is staked out on top of a map of Canada
News AlbertaB.C.CatastrophesEnvironmentalInsurersManitobaNew BrunswickNewfoundland & LabradorNova ScotiaNunavutNWTOntarioP.E.I.QuebecSaskatchewanYukon

Canada’s most-exposed flood regions

June 10, 2022 by Alyssa DiSabatino

Quebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.

Five small wooden toy block houses are surrounded by murky brown water, up to their windows.
News CatastrophesEnvironmentalInsurersPersonal Home

Which model will Canada’s national flood insurance program follow?

June 9, 2022 by Alyssa DiSabatino

After undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests.   One model is based on a pool for high-risk homeowners, among

A tornado twists across a darkened sky, in a rural field of wheat.
News CatastrophesEnvironmentalInsurers

Is wind the new water?

June 8, 2022 by Alyssa DiSabatino

When a storm hits, it’s no surprise that extreme wind can be a significant driver of insured losses — but wind may actually edge out water as the industry’s costliest weather event, said one industry expert.   “From 2008 to

A man's arm is in the forefront of the photo. He is olding a clipboard and is surrounded by trees
News CatastrophesClaimsClaims Canada ArchiveClaims TechnologyEnvironmentalInsurers

Aviva Canada’s eco-friendly approach to claims

June 7, 2022 by Alyssa DiSabatino

Aviva Canada is piloting an eco-friendly claims process, part of its plan to become a net-zero company by 2040. Notably, the company is mobilizing its efforts to respond to climate change by recycling and sorting materials during the claims process.

a maroon coloured minivan is being hoisted on to a tow truck. A fallen tree is in the forefront of the photo. A man in a yellow vest and a CAT vehicle are in the background.
News AdjustersBusiness InterruptionCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsEnvironmentalInsurersOntarioPropertyQuebec

How the derecho impacted claims service levels

June 7, 2022 by Jason Contant

It’s only natural claims adjusting service levels will drop, given the large number of claims arising from the derecho that struck parts of Ontario and Quebec in May, says the president of the Canadian Independent Adjusters’ Association (CIAA). “Things like

a maroon coloured minivan is being hoisted on to a tow truck. A fallen tree is in the forefront of the photo. A man in a yellow vest and a CAT vehicle are in the background.
News B.C.CatastrophesEnvironmentalInsurersManitobaOntarioQuebec

Becoming better at planning for disasters

June 6, 2022 by Alyssa DiSabatino

If the ongoing flooding in Manitoba and the Ontario/Quebec derecho storm of last month taught us anything, it’s that we must change how we think about natural disasters, argue the Institute for Catastrophic Loss Reduction’s Glenn McGillivray, and PhD candidate Korey Pasch,

Damage from the May 21 derecho in Ontario
News AdjustersCatastrophesClaimsClaims Canada ArchiveEnvironmentalInsurersLicensingOntarioQuebec

Why this province’s approach to adjuster capacity needs to go national

June 6, 2022 by Jason Contant

The president of the Canadian Independent Adjusters’ Association (CIAA) is hoping other provinces take note of how Ontario’s insurance regulator has approached adjuster capacity and licensing issues following the May 21 derecho that struck Ontario and Quebec. On May 31,

Streets inundated by heavy rain in the city. The background of urban construction and management.
News BrokersCatastrophesClaimsEnvironmentalManitoba

Brokers want more consistency in overland flood policies

June 2, 2022 by Alyssa DiSabatino

Despite Manitoba being battered by flooding and severe weather since mid-April, many homeowners may find themselves without overland flood coverage, according to the CEO of the Insurance Brokers Association of Manitoba.   Following an “unseasonably cold spring,” significant snowmelt in

Flooded warehouse full of floating cardboard boxes
News AdjustersCatastrophesClaimsClaims Canada ArchiveClaims ProfessionalsClaims TechnologyCommercialConstructionEmerging RisksEnvironmentalProperty

Why insureds might need parametric coverage alongside conventional policies

June 1, 2022 by Megan Linkin

When Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClaimsEnvironmentalInsurersNew BrunswickNewfoundland & LabradorNova ScotiaP.E.I.

Could hurricanes in Canada worsen?

June 1, 2022 by Alyssa DiSabatino

The trend of above-average hurricane seasons is expected to continue this year and Canadian insurers should heed this warning by preparing Atlantic businesses for more severe hurricanes, according to Allianz Global Corporate & Specialty’s Atlantic Hurricane Season Outlook 2022.  “Although Canada