Canadian Underwriter

Topic Catastrophes

Volunteers collecting clothing donations for disaster relief
News CatastrophesOntario

Ontario launches new program to get volunteers ready for emergencies  

February 18, 2022 by The Canadian Press

The Ontario government is calling on people 16 years of age and older to join a program that will help the province be better prepared for emergencies including public health crises and natural disasters.   People are invited to register as

News B.C.CatastrophesClaimsEnvironmental

Study suggests climate change made B.C. floods at least twice as likely

February 16, 2022 by Bob Weber - THE CANADIAN PRESS

Catastrophic floods that swamped much of southern British Columbia last fall were at least twice as likely because of climate change, suggests new research from Environment Canada. The study, now undergoing peer review, concludes that the likelihood of similar events

Looking forward to the future
News CatastrophesEmerging RisksEnvironmentalInsurers

How the P&C industry should shift its thinking about climate risk

February 11, 2022 by Jason Contant

Canada’s P&C insurance industry needs to adapt its climate risk business model to focus more on loss prevention rather than indemnity, a speaker says Thursday at an industry event. And pricing needs to be forward-looking rather than based on historical

Damaged structures in Lytton, B.C.
News B.C.CatastrophesClaimsCommercialPersonal HomeProperty

Wildfire destroys Lytton’s governance records; B.C. gives OK to rewrite bylaws  

February 10, 2022 by Dirk Meissner - THE CANADIAN PRESS

VICTORIA – The mayor of the fire-ravaged community of Lytton, B.C., says rewriting the village’s bylaws from scratch will be about as entertaining as going to the dentist but it’s another step in the massive rebuilding effort.   The village’s records

Satellite orbiting the earth
News CatastrophesCommercialInsurersTechnology

New collaboration uses satellite data to develop new insurance products

February 9, 2022 by Jason Contant

Tokio Marine Holdings and ICEYE, a radar data provider and expert in NatCat solutions, have announced a commercial collaboration to develop new insurance products and services that utilize satellite data. ICEYE says Tokio Marine (whose Canadian branch has underwriting offices

A car and a group of firefighters extinguish the fire on a dried smoked burning meadow
News B.C.BrokersCatastrophesClaims

Wildfire costs show need for preventative measures

February 9, 2022 by Greg Meckbach

NatCat costs from summer 2021’s B.C. wildfires reached $77 million in insured damage in White Rock Lake and $78 million in Lytton. With renovations adding value to homes, and by extension insurable damage risk, it may make sense to encourage

Flood damage in Merritt, B.C.
News B.C.CatastrophesClaimsEnvironmentalProperty

Governments announce $228 million agriculture recovery fund after B.C. floods

February 8, 2022 by The Canadian Press

VICTORIA – Agricultural producers affected by devastating flooding in British Columbia last November can apply for recovery funds through a $228-million package announced Monday by the provincial and federal governments. The total losses for the agricultural sector from flooding that

News CatastrophesConstruction

Recent NatCats reveal need to boost construction standards

February 4, 2022 by Greg Meckbach

Enforcing existing building codes, bringing in new construction standards and improving community planning are among the measures governments can take to mitigate the cost of property losses from natural catastrophes, industry watchers say. And arming consumers with better information about

Small icebergs broken off from the large glacier at Vatnajökull, Iceland. Image was taken with a drone.
News Catastrophes

How the feds can help insurers prevent annual $2-billion Cat losses

January 21, 2022 by Alyssa DiSabatino

Insured damage for severe weather events across Canada reached $2.1 billion again last year, and $2-billion annual Cat losses are quickly becoming the new normal, according to Catastrophe Indices and Quantification Inc. (CatIQ).   This is a steep incline compared

Split screen of a tree in summer versus winter
News B.C.CatastrophesEnvironmentalPersonal Home

Utility says B.C.’s heat, rain and cold in 2021 underscore changing demand for power

January 21, 2022 by Jason Contant

VANCOUVER – British Columbia endured sizzling summer heat and bone-numbing cold to end 2021 and the province’s electrical utility says the result was a record-breaking, year-round demand for power, launching a trend that’s not expected to end soon. In a

Boats moored in False Creek with a view of downtown Vancouver
News AlbertaB.C.BrokersCatastrophesPersonal HomeProperty

Behind the hard-hit condo insurance market in B.C. and Alberta

January 20, 2022 by Jason Contant

Wood frame construction for stratas, increased building material costs, and earthquake exposure in British Columbia contributed to the skyrocketing condo insurance premiums that hard market sector saw over the past few years, an Aon executive says. “There’s a lot more

Motorist driving on closes Trans-Canada highway in Abbotsford, BC
News B.C.CatastrophesClaimsEnvironmentalInsurersLoss TrendsPersonal Home

Claims costs keep rising for B.C. catastrophes

January 18, 2022 by Jason Contant

British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims