Topic Newfoundland & Labrador
How much will Fiona cost Canadian P&C insurers?
September 27, 2022 by Jason ContantPost-tropical storm Fiona could cost the Canadian property and casualty insurance industry between $300 million and $700 million, ratings agency DBRS Morningstar said in a commentary Tuesday. “Fiona will likely be one of the largest catastrophic events in history for…
Atlantic Canada assesses damage from post-tropical storm Fiona
September 26, 2022 by Jason ContantPost-tropical storm Fiona swept through Atlantic Canada and eastern Quebec this weekend, knocking out power to hundreds of thousands of people, washing away homes and cottages, and causing widespread flooding and infrastructure damage. While the insured and economic damages associated…
Hurricane risk: What the future holds for Canada
September 23, 2022 by Jason ContantCanada will be increasingly at risk for more frequent and severe hurricanes going forward due to climate change, Swiss Re told Canadian Underwriter in an interview Friday. “Sea surface temperatures [are] rising, which means storms will be able to travel…
Where and when Hurricane Fiona is projected to hit Canada
September 21, 2022 by Jason ContantEnvironment Canada (EC) has issued a tropical cyclone warning for the Atlantic provinces and southern Quebec as Hurricane Fiona is expected to impact the region starting Thursday evening and continuing into weekend. “This storm is shaping up to be a…
What’s Hurricane Fiona’s projected path into Canada?
September 19, 2022 by Jason ContantHurricane Fiona could strike Atlantic Canada with tropical storm-force winds or stronger by Saturday, according to projections from the hurricane forecasters in Canada and the U.S. An advisory issued 5 a.m. AST on Monday by the U.S. National Hurricane Center…
Feds’ task force reveals preferred flood insurance models
August 30, 2022 by Alyssa DiSabatinoA federal government task force on flood insurance is leaning toward the public insurer and layered public insurer models of flood insurance programs for Canada. The public insurer model features a Crown corporation that underwrites comprehensive flood insurance through the…
Will insurers find opportunity in Europe’s need for Canadian LNG and hydrogen?
August 26, 2022 by Philip PoradoCanadian insurers have a future opportunity to cover the infrastructure required for hydrogen energy products, commercial insurance brokers say. For example, if Europe wants its efforts to reduce dependence on Russian natural gas supplies to be successful, it will need…
Newfoundland wildfires could be sign of what climate change has in store for province
August 15, 2022 by The Canadian PressST. JOHN’S, N.L. – A climatologist says the wildfires that have been burning for more than two weeks in central Newfoundland could be a sign of what’s to come as the province feels the impacts of climate change. Joel Finnis,…
Essential Newfoundland highway to stay open as out of control wildfires grow
August 10, 2022 by Sarah Smellie - THE CANADIAN PRESSST. JOHN’S, N.L. – Two out-of-control wildfires in central Newfoundland covered more than 200 square kilometres on Wednesday morning, and Environment Canada warned the flames could cover much of the island in smoke. Jeff Motty, the province’s forest fire duty…
Newfoundland’s largest wildfire in 60 years: what the P&C industry needs to know
August 8, 2022 by Alyssa DiSabatinoA long-burning forest fire in Newfoundland has charred over 10,800 hectares, but one claims professional says they’ve yet to see any claims come through, since the affected areas are not densely populated. The fire has been burning for close to…
Is the personal lines hard market abating?
August 4, 2022 by Jason ContantPersonal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases. On average, personal auto quoted…
Will this week’s weather events result in Cat damages?
July 25, 2022 by Alyssa DiSabatinoWhile Europe is experiencing record-breaking heat waves, western Canada had some severe heat and storms of its own between July 16-20. And although they were expected to have caused millions in damage, it won’t breach catastrophe territory, according to Aon’s…