Canadian Underwriter

Topic Catastrophes

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Adjusters respond to Kelowna fires as burn tally grows

August 30, 2023 by Alyssa DiSabatino

After close to 200 buildings burnt around Lake Okanagan, claims adjusters in Kelowna can expect to see claims range from personal and commercial across a swath of coverage types, an adjuster tells Canadian Underwriter.  “Kelowna has a diverse geography with

Firefighting a forest fire with white smoke
News CatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsPersonal AutoPersonal HomeTrending

Why secondary perils are of primary concern to insurers

August 25, 2023 by David Gambrill

So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or

Close up of a hand holding a glass of red wine in a winery vineyard
News B.C.Business InterruptionCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss ControlNova ScotiaOntarioQuebec

Grapes of wrath: How the wildfires could burn your winery clients

August 25, 2023 by Alyssa DiSabatino

As wildfires rage across Canada, wineries might struggle to keep smoke from tainting their crops.  Such was the case for wineries operating in and around southern Oregon in 2020, said Heidi Moore, insurance agent for U.S-based Country Financial and host

How interest rates are impacting Canadian insurers' balance sheets
News CatastrophesClaimsInsurers

How inflation’s helping some Canadian P&C companies

August 24, 2023 by Philip Porado

Inflation, and more specifically efforts by Canada’s central bank and its peers worldwide to curb its impacts, has given something of a boost to property and casualty (P&C) insurers’ balance sheets. Specifically, higher interest rates have expanded fixed income investment

Buildings are seen in floodwater following a major rain event in Halifax on Saturday, July 22, 2023. A long procession of intense thunderstorms have dumped record amounts of rain across a wide swath of Nova Scotia, causing flash flooding, road washouts and power outages
News AdjustersBrokersCatastrophesClaimsEmerging RisksEnvironmentalInsurersNova Scotia

What the Nova Scotia floods cost insurers

August 24, 2023 by Alyssa DiSabatino

A flood and rainstorm event that hit Nova Scotia in July is estimated to have caused over $170 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  The atmospheric river event dropped more than

Global Weather Crisis and World Heat Storm or globe Heat increase and rising world weather temperatures or heat-wave rise as an Earth Day risk or climate change concept with 3D illustration
News CatastrophesClaimsInsurers

Reinsurance in Canada unlikely to cost less in 2024

August 24, 2023 by David Gambrill

If Canadian P&C insurers thought the Cat reinsurance market was tough this year, just wait until next year. “Global reinsurers are cutting back on the cover they provide against medium-sized natural catastrophe risks due to investor pressure after several years

The McDougall Creek fire in B.C.
News B.C.CatastrophesClaimsEmerging RisksEnvironmentalInsurers

Heavy rain aids in tempering B.C. wildfires in Shuswap, Okanagan regions

August 24, 2023 by The Canadian Press

Firefighters in British Columbia’s southern Interior continue to battle a number of major blazes, having been aided by ample rainfall that fell Wednesday over the Okanagan and Shuswap regions. B.C. Wildfire Service information officer Forrest Tower says one weather station

Donnie Creek wildfire in B.C.
News AdjustersCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss ControlPersonal Home

How much insurers can expect to pay for Canadian wildfires

August 23, 2023 by Alyssa DiSabatino

Canadian insurers could see between $700 million and $1.5 billion in insured losses from this summer’s wildfire season, DBRS Morningstar predicts in new commentary.  Despite the high loss figures, the claims incurred in 2023 Q3’s wildfire season will be manageable

Smoke from wildfires fills the sky in Yellowknife
News CatastrophesClaimsEnvironmentalInsurersNWTPersonal Home

Yellowknife mayor says it’s too unsafe for residents to return to the capital city

August 23, 2023 by Alyssa DiSabatino

YELLOWKNIFE — The mayor of Yellowknife says it’s not safe for residents to go home to the territorial capital, but notes city officials are working on a return plan as a fire continues to burn about 15 kilometres away. Most

A helicopter carrying water flies over heavy smoke from an out-of-control fire in a suburban community outside of Halifax.
News CatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurers

How wildfires are affecting some of Canada’s largest P&C insurers

August 22, 2023 by Alyssa DiSabatino

Despite facing a heavy loss year and an unusually active wildfire season, four of Canada’s publicly traded P&C companies — Intact Financial Corporation, Fairfax Financial Holdings, Definity Financial Corporation and Trisura Group Ltd. — reported positive underwriting profits thus far,

Forest fire near Kelowna, B.C.
News B.C.CatastrophesClaimsEnvironmentalInsurers

Almost 60 buildings lost to wildfire in Kelowna, B.C., area, fire chiefs say

August 22, 2023 by Dirk Meissner The Canadian Press

A West Kelowna man says he is still in shock after the wildfire tearing through the region burned down his condo and forced him and his eight-months-pregnant wife to evacuate twice in one night. Randy Miskuski said his family had

News CatastrophesClaimsYukon

Update on Yellowknife wildfire

August 21, 2023 by The Canadian Press

YELLOWKNIFE, 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