Canadian Underwriter

Topic Catastrophes

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Can insurers and reinsurers survive looming NatCat trends?

July 21, 2023 by Glenn McGillivray

One of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For

U.S. Forest Service co-pilot helping fight Canadian wildfires
News B.C.CatastrophesClaimsClaims Canada ArchiveEnvironmentalInsurersNova ScotiaPersonal Home

Canada’s wildfires: Is industry concerned about lack of firefighters?

July 21, 2023 by Jason Contant

With Canada’s record-breaking fire season continuing to burn hot, firefighter availability and the country’s system of sharing resources is stretched thin. For Canada’s P&C insurance industry, the overall lack of firefighters is a concern, given the sheer number of fires

A forest fire burns among a residential area
News AdjustersCatastrophesClaimsClaims ProfessionalsEmerging RisksInsurersPersonal HomeProperty

Wildfires: Where there’s smoke, there’s damage

July 18, 2023 by David Gambrill

As smoke from almost 900 of Canada’s wildfires descends upon the United States, resurrecting media reports about air quality, Canadian property and casualty insurers have an eye on a different type of exposure — property damage claims due to wildfire

Tornado warning issued for Montreal
News CatastrophesClaimsEnvironmentalInsurersOntarioPersonal AutoPersonal HomeProperty

Montreal-Barrhaven storm declared a Cat

July 18, 2023 by Alyssa DiSabatino

The storm that hit Montreal on Thursday, downing trees and power lines and causing localized flooding, has been declared a catastrophe, Laura Twidle, president and CEO of Catastrophe Indices & Quantification Inc. (CatIQ) told Canadian Underwriter.  A ‘catastrophe’ is an

A helicopter carrying water flies over heavy smoke from an out-of-control fire in a suburban community outside of Halifax.
News CatastrophesClaimsCommercialEnvironmentalInsurersPersonal AutoPersonal Home

How much Intact paid in second quarter Cat losses

July 13, 2023 by Alyssa DiSabatino

Intact Financial Corporation saw an estimated $335 million in catastrophe losses in Canada for the second quarter of 2023, the insurer revealed in a release.  Comparatively, the company handled over a million claims and paid out over $10 billion globally in

Thermometer in the sky, the heat
News CatastrophesClaimsEmerging RisksInsurers

OSFI calls for detailed reporting of insurers’ climate risks

July 12, 2023 by David Gambrill

Canada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between

Donnie Creek wildfire in B.C.
News CatastrophesClaimsClaims Canada ArchiveEnvironmentalPersonal Home

Record-breaking wildfire season will continue to burn hot for months: officials

July 6, 2023 by The Canadian Press

OTTAWA – Natural Resources Canada says the country’s record-breaking wildfire season will continue to be abnormally intense throughout July and into August. The projections are based on anticipated high temperatures, dry conditions and historical comparisons. The risk is expected to

A helicopter carrying water flies over heavy smoke from an out-of-control fire in a suburban community outside of Halifax.
News CatastrophesClaimsInsurersNova Scotia

What the Nova Scotia wildfire cost the P&C industry

July 5, 2023 by David Gambrill

Nova Scotia’s Tantallon wildfire is estimated to have caused more than $165 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Nearly 90% of all claims related to the Nova Scotia wildfire were personal

3D render and image composing: Topographic Map of Canada. Including country borders, rivers and accurate longitude/latitude lines.
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Brokers, insurers differ on the value of numerous flood products for home owners

July 4, 2023 by Alyssa DiSabatino

Canada’s property and casualty insurance brokers have long maintained the need for a unified flood map, but insurers want to compete on their proprietary flood maps, and the ongoing differences between brokers and their insurance partners on this point became

Economic and geopolitical risks have insurers walking a tightrope in 2023
News BrokersCatastrophesCommercialCommercial AutoConstructionEmerging RisksPersonal AutoPersonal HomePropertyTrusted Advisor

Despite easing inflation, P&C insurers face challenges

June 27, 2023 by Philip Porado

Canada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts

Unrecognizable male putting fuel dispenser in tank while refueling vehicle on self service gas station.
News Business InterruptionCatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsRisk ManagersSupply ChainTrending

Reserve uncertainty could sustain hard market: Swiss Re

June 26, 2023 by David Gambrill

Ongoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing

Stressed workers rushing around
News BrokersCatastrophesClaimsEmerging RisksInsurers

How brokers can do a much better job of servicing clients

June 23, 2023 by Alyssa DiSabatino

Canada’s property and casualty insurance industry is doing a better job of client education generally, but organizations of all sizes can do a “much better job” of putting the client first, said one expert during the Young Brokers Conference in