Topic Catastrophes
NatCats taking their toll on Canadian property lines
January 8, 2024 by David GambrillAnother year, another $3 billion in NatCat insurance claims payouts. Canada’s property and casualty insurance industry paid out more than $3.1 billion last year in claims related to natural catastrophes, based on the latest numbers from Catastrophe and Indices Quantification…
Wildfires in Alberta burned 10 times more area in 2023 than the five-year average
January 5, 2024 by Colette Derworiz - THE CANADIAN PRESSAlberta Wildfire says it saw an average number of wildfires last year, but the area burned across the province set a record. The province saw a total of 1,088 wildfires that burned about 22,000 square kilometres from March 1 to…
Should insurers help customers build back better…or not at all?
January 4, 2024 by Philip PoradoIncreased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…
What Jan. 1 renewals wrought on the industry
January 3, 2024 by Alyssa DiSabatinoJanuary 1 reinsurance renewals are behind us, and it seems a more stable, predictable property Cat market has materialized, just as industry experts predicted. In Canada, reinsurance renewal pricing varied broadly by buyer, based on overall performance, Gallagher Re in…
Homeowners discuss the high insurance costs of wildfires
January 2, 2024 by Michael Tutton - THE CANADIAN PRESSHALIFAX – Seven months after a wildfire left a charred, 1,000-hectare scar on the western suburbs of Halifax, less visible damage persists in the lives of those who lost their homes to the flames. Lindsay Law said the financial and…
Canada to pilot options for national emergency response agency in 2024
December 15, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – A new national emergency response agency may consist of regional response teams that Ottawa can call into action when disaster strikes, Emergency Preparedness Minister Harjit Sajjan said in a recent interview. It is clear some kind of federal…
Can Canada’s P&C industry catch up to NatCats?
December 14, 2023 by Philip PoradoIn much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…
How restoration firms are growing in Canada
December 14, 2023 by Alyssa DiSabatinoWith natural disasters on the rise, restoration firms are responding to the growing need through expansions and acquisitions, according to recent announcements. Intact subsidiary On Side Restoration has acquired Superior Disaster Services Ltd., in a deal that closed Dec.…
Why you can expect more insurance regulation next year
December 11, 2023 by David GambrillAs the hard market proceeds apace in the Canadian P&C insurance industry, a projected economic slowdown in 2024 could invite more insurance regulation, since Canadians will find it harder to pay their insurance bills, a ratings agency warned. “While growing…
Climate change battering municipal finances across Canada
December 11, 2023 by Thomas MacDonald - THE CANADIAN PRESSMONTREAL – The hamlet of Gore, Que., had the foresight to start preparing for more intense annual flooding due to climate change a decade ago. That’s when the rural township 60 kilometres northwest of Montreal began quadrupling the size of…
How Cat modelling can help your real estate clients
December 8, 2023 by David GambrillWith so many NatCats affecting the real estate property insurance sector, catastrophe (Cat) modelling is becoming a fixture for clients seeking coverage in a tightening market, a Hub International report states. “Catastrophe (CAT) modeling is…becoming essential in real estate resiliency,”…
Where the feds stand with an earthquake backstop
December 7, 2023 by David GambrillCanada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there…