Topic Catastrophes
Will the multi-billion-dollar Cat loss trend continue indefinitely?
March 22, 2023 by Jason ContantGlobal insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend…
How the P&C industry can step up after the UN’s latest climate change warning
March 20, 2023 by Alyssa DiSabatinoThe world keeps inching toward a dangerous climate threshold, but if swift action on greenhouse gas (GHG) reductions are taken in all sectors, including insurance, it’s possible to avert catastrophic warming, a new report said. There may be more…
Claims to expect in Canada after a rough winter in March
March 17, 2023 by Alyssa DiSabatinoParts of Canada have been hit with several major snowstorms in succession this winter, and while none of the severe storms individually will likely be declared catastrophes (i.e. resulting in more than $30 million of insured damage), they may be…
Federal and Alberta governments to study oilsands tailings leak communication
March 17, 2023 by Bob Weber THE CANADIAN PRESSEDMONTON — The Alberta and federal governments say they will work together to understand what happened around a nine-month delay in notifying the public about toxic seepage from an oilsands tailings pond. Alberta Environment Minister Sonya Savage and federal Environment…
New Brunswick to set caps on disaster financial assistance for homeowners
March 16, 2023 by The Canadian PressFREDERICTON — The New Brunswick government announced Wednesday it is capping financial compensation for properties that repeatedly experience damage from climate-related disasters. Public Safety Minister Kris Austin said the changes, which take effect immediately, will increase to $200,000 the total…
How the protection gap affects Canada
March 15, 2023 by Alyssa DiSabatinoA growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a…
N.B. hopes for quiet spring but asks residents to be prepared for possible floods
March 15, 2023 by The Canadian PressFREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…
What is the P&C insurance sector’s role in “building back better”?
March 13, 2023 by David GambrillIf Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster.…
South B.C. highway passes see more snow, Avalanche Canada urges caution as storm hits
March 13, 2023 by The Canadian PressVANCOUVER — The first day of spring is exactly one week away, but extreme winter conditions still persist on British Columbia’s southern and southeastern mountain passes as snowfall warnings are posted for most routes. Environment Canada says anywhere from 15…
Aviva Canada now offers parametric solution for severe rain
March 8, 2023 by David GambrillAviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of…
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
Federal disaster aid program being overhauled to include climate adaptation
February 27, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Canada’s overworked disaster assistance program is being overhauled so that future projects would only be eligible for aid if they take into account the need to adapt to climate change. Emergency Preparedness Minister Bill Blair, who was in…