Topic Catastrophes
Swiss Re Group books $2.5 billion for pandemic-related losses
July 31, 2020 by David GambrillSwiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars). “Based on current information and a prudent…
The business line that drove Intact’s profitability in 2020 Q2
July 31, 2020 by Greg MeckbachIf you placed homeowner’s insurance with Intact during 2020 Q2, your business helped propel Canada’s largest P&C insurer to its most profitable second-quarter personal property result in more than 10 years. Intact Financial Corp. reported that its combined ratio in…
Who’s getting funding for new research in wildfire prediction, responses
July 31, 2020 by THE CANADIAN PRESSKAMLOOPS, B.C. – A university located in the heart of one of British Columbia’s most volatile forest fire regions will lead new research in wildfire prediction, prevention and response. Thompson Rivers University in Kamloops was chosen for the research that…
How B.C. adjusters are preparing for major earthquake
July 29, 2020 by Greg MeckbachWhen the next huge earthquake hits British Columbia, some independent adjusting firms may temporarily re-locate offices inland, perhaps even as far east as Alberta. Kernaghan Adjusters is aiming to be “up and running fairly quickly if we get into an…
P&C insurers can handle severe weather events, but for how long?
July 27, 2020 by Adam MalikCanadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However,…
Adjuster reacts to B.C. earthquake
July 24, 2020 by Greg MeckbachThe earthquake earlier this week off the coast of Vancouver Island does not seem to have caused any insured property losses, but the industry is nonetheless encouraging all British Columbians to be prepared in any case for a large disaster.…
Separate quakes hit off B.C. and Alaska, but cause no damage, tsunami
July 22, 2020 by THE CANADIAN PRESSVANCOUVER – A moderate earthquake has occurred off northwest Vancouver Island but emergency officials in British Columbia say it has not produced a tsunami. Earthquakes Canada says the magnitude 5.4 quake struck at 4:33 a.m. and was centred 285 kilometres…
Facing a perfect storm of events, insurers brace for a ‘turbulent future’
July 21, 2020 by Adam MalikWith natural catastrophes starting to hit, the economy in rough shape, and the courts poised to weigh in on potential business interruption exposures, insurance companies are buckling in for a rough ride ahead, a recent report warns. Natural catastrophe (NatCat)…
Storm causes damage but Edmonton Oilers arena structurally sound: mayor
July 17, 2020 by THE CANADIAN PRESSEdmonton’s mayor says a preliminary assessment shows storm damage to Rogers Place is not structural and the arena will be able to hold upcoming National Hockey League games. Don Iveson says photos of Thursday night’s flooding and damage to the…
How many claims the Calgary hail storm caused
July 16, 2020 by Greg MeckbachThe industry is dealing with more than 70,000 claims arising from last month’s hail storm in Alberta, but it’s not clear yet how much of the bill will get picked up by reinsurers, the Insurance Bureau of Canada reports. The…
Briefing Note: Nova Scotia
July 10, 2020 by Canadian Underwriter StaffNova Scotia has had a hard few months, and not just because of COVID-19, says Darren Lipsett, president of the Insurance Brokers Association of Nova Scotia. Brokers are dealing with rate hikes and the national capacity crunch as insurers try…
Where Calgary’s $1.2-billion hailstorm ranks among Canada’s largest insured disasters
July 8, 2020 by David GambrillThe June 13 Alberta storm that hit Calgary, Airdrie, Rocky View County is now officially the worst hailstorm in Canadian history, causing almost $1.2 billion in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). And on the all-time…