Topic Catastrophes
Update on Yellowknife wildfire
August 21, 2023 by The Canadian PressYELLOWKNIFE, N.W.T – Firefighters battling a wildfire near the capital of the Northwest Territories shifted from defence to offence Monday after a weekend of cooler temperatures, favourable winds and some rain. “We’re in a position to move to direct attack…
What P&C industry can expect from Kelowna wildfires
August 21, 2023 by David GambrillIn an eerie coincidence, almost 20 years to the day wildfires caused $200 million in insured damage back in 2003, Kelowna is burning once again. About 30,000 people in the southern Interior region of B.C. — about a third of…
Thunderstorms now a primary concern for insurers
August 10, 2023 by David GambrillDamage from secondary perils such as thunderstorms in the first half of 2023 is of primary concern to reinsurers. A series of widespread thunderstorms hitting the U.S. accounted for 68% of global insured natural catastrophe losses in the first half…
What’s driving Intact’s high personal property combined ratio?
August 3, 2023 by Jason ContantIntact Financial Corporation (IFC) saw an elevated combined ratio (undiscounted) of 119.2% in its Canadian personal property segment in 2023 Q2, driven in part by twice the expected level of Cat losses. The 119.2% combined ratio in Intact’s personal property…
What’s the future for Canada’s reinsurance rates?
August 2, 2023 by Alyssa Di SabatinoNew risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…
‘Complacency’ blamed for N.S. struggles with flooding, other climate disasters
August 1, 2023 by Michael Tutton - THE CANADIAN PRESSHALIFAX – On the night floodwaters swept through his Nova Scotia county, taking lives and tearing out bridges, Doug Pynch says he had trouble believing an emergency alert that flashed across his phone. It called for residents to evacuate to…
What it would take for Osoyoos wildfires to become a Cat
August 1, 2023 by Alyssa DiSabatinoWinds diverting a wildfire burning near Osoyoos, B.C., may have prevented a Cat-level event for the industry, adjusters tell Canadian Underwriter. A raging wildfire scorched 40 square kilometres of land and destroyed several structures in Washington, U.S., before jumping the…
How the Nova Scotia floods compare to Hurricane Fiona
July 28, 2023 by Alyssa DiSabatinoRecent flooding in Nova Scotia has led adjusters to see damages comparable to Hurricane Fiona, but final claims totals aren’t expected to be as high as when Fiona blew through the East Coast last September, claims professionals on the ground…
Aging infrastructure struggling to keep up with storms, wildfires, changing climate
July 27, 2023 by Hina Alam - THE CANADIAN PRESSFREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to…
Claims pouring in for record Nova Scotia rainstorm
July 24, 2023 by Alyssa DiSabatinoAdjusters are beginning to see claims pour in after thunderstorms dumped record amounts of rain on Nova Scotia Friday. Torrential downpours dropped over two months’ worth of rain (between 200 and 250 millimetres) in about 24 hours on Halifax, Nova…
What the math says about P&C return rates
July 24, 2023 by Alyssa Di SabatinoWhat’s a reasonable rate of return for Canada’s property and casualty insurers? According to Craig Pinnock, chief financial officer at Northbridge Financial Corporation, for the insurance industry, it could sit anywhere between 5% on the low end, 10% on average,…
Can insurers and reinsurers survive looming NatCat trends?
July 21, 2023 by Glenn McGillivrayOne 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…