Topic Catastrophes
Proactive climate adaptation can cut Ontario public infrastructure costs: watchdog
November 23, 2023 by Jordan Omstead - THE CANADIAN PRESSTORONTO – The dangers of a changing climate could add more than $4 billion per year to the cost of maintaining Ontario’s public infrastructure over the rest of the century, the province’s financial watchdog said Wednesday. But the report from…
What carriers can expect for reinsurance renewals
November 22, 2023 by Alyssa DiSabatinoPrimary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the…
Price tag for the insured wildfire losses in Northwest Territories
November 20, 2023 by David GambrillInsured wildfire damage in Hay River and Yellowknife, NWT, during the summer — which led to Canada’s largest evacuation ever — cost the P&C insurance industry a total of more than $60 million, Catastrophe Indices and Quantification (CatIQ) Inc. reported…
After July floods took four lives, Nova Scotia plans flood plain mapping by 2026
November 17, 2023 by Michael Tutton - THE CANADIAN PRESSHALIFAX – A plan is now in place to create the kind of detailed flood plain maps that some of Nova Scotia’s emergency managers have said they lacked when torrential flooding occurred in July. Byron Rafuse, deputy minister of the…
How Intact’s third quarter results shaped up
November 9, 2023 by Alyssa DiSabatinoIntact saw premium growth in 2023 Q3, but its profitability took a hit because of inflation and the Canadian wildfires, the company reported. Intact saw single-digit premium growth in its personal and commercial lines in 2023 Q3, and predicts this…
OSFI wants P&C ‘resolution authority.’ What PACICC needs for the job
October 30, 2023 by David GambrillCanada’s solvency regulator is looking for a stable, reliable ‘resolution authority’ that would allow the country’s property and casualty insurance industry to wind up an insolvent insurer efficiently without relying on taxpayer subsidization. At first blush, the ideal candidate is…
Is it time for a new reinsurer to enter the market?
October 25, 2023 by Jason ContantCanada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never…
What P&C execs predict for 2024 reinsurance rates
October 24, 2023 by David GambrillCanada’s primary property and casualty insurers expect the upcoming Jan. 1, 2024, reinsurance renewal season to be more ‘orderly’ and ‘stable’ than at the same time last year, P&C industry execs told brokers attending last week’s Insurance Brokers Association of…
P&C industry joins the $3-billion Cat club (again)
October 19, 2023 by David GambrillFor the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms…
NatCats increasingly a factor in why insurers fail
October 17, 2023 by David GambrillAdd natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
Summer storms bring Cat damages past $3 billion
October 16, 2023 by Alyssa DiSabatinoA series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification…
Devil in the details: Canada’s proposed flood program
October 13, 2023 by David GambrillWhen Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…