Topic Nova Scotia
What’s Franklin have in store for Atlantic Canada?
August 29, 2023 by Philip PoradoAs Hurricane Franklin starts turning North, Atlantic Canada is watching and waiting to see whether it makes a direct hit, or if the storm will weaken before reaching Canada’s coast, as current maps suggest. Franklin is expected to cross the…
Grapes of wrath: How the wildfires could burn your winery clients
August 25, 2023 by Alyssa DiSabatinoAs 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…
What the Nova Scotia floods cost insurers
August 24, 2023 by Alyssa DiSabatinoA 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…
A busy summer for M&A at two of Canada’s largest brokerages
August 9, 2023 by Alyssa DiSabatinoSummertime M&A has not been slowing down for BrokerLink and Westland Insurance who have respectively completed three and two more deals in August. For BrokerLink, the three latest deals account for a total of twelve in 2023 thus far, focused…
What’s driving Intact’s high personal property combined ratio?
August 3, 2023 by Jason ContantIntact Financial Corporation (IFC) saw an elevated combined ratio (undiscounted) of 119.2% in its Canadian personal property segment in 2023 Q2, driven in part by twice the expected level of Cat losses. The 119.2% combined ratio in Intact’s personal property…
What’s the future for Canada’s reinsurance rates?
August 2, 2023 by Alyssa Di SabatinoNew risks emerging in Canada are leading reinsurers to increase premiums, industry experts have told Canadian Underwriter. Although U.S. damage losses last year far outweighed Canada’s, contributing significantly to escalating reinsurance prices, insured NatCat damage in Canada in 2022 was…
‘Complacency’ blamed for N.S. struggles with flooding, other climate disasters
August 1, 2023 by Michael Tutton - THE CANADIAN PRESSHALIFAX – On the night floodwaters swept through his Nova Scotia county, taking lives and tearing out bridges, Doug Pynch says he had trouble believing an emergency alert that flashed across his phone. It called for residents to evacuate to…
How the Nova Scotia floods compare to Hurricane Fiona
July 28, 2023 by Alyssa DiSabatinoRecent flooding in Nova Scotia has led adjusters to see damages comparable to Hurricane Fiona, but final claims totals aren’t expected to be as high as when Fiona blew through the East Coast last September, claims professionals on the ground…
Aging infrastructure struggling to keep up with storms, wildfires, changing climate
July 27, 2023 by Hina Alam - THE CANADIAN PRESSFREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to…
Claims pouring in for record Nova Scotia rainstorm
July 24, 2023 by Alyssa DiSabatinoAdjusters are beginning to see claims pour in after thunderstorms dumped record amounts of rain on Nova Scotia Friday. Torrential downpours dropped over two months’ worth of rain (between 200 and 250 millimetres) in about 24 hours on Halifax, Nova…
Fight for funding to protect land link between N.S. and N.B. goes to court
July 21, 2023 by The Canadian PressHALIFAX – The Nova Scotia government is asking the province’s Court of Appeal to determine who has jurisdiction over the works that protect a vital link between the province and New Brunswick. In a court document filed Wednesday, lawyers for…
Canada’s wildfires: Is industry concerned about lack of firefighters?
July 21, 2023 by Jason ContantWith Canada’s record-breaking fire season continuing to burn hot, firefighter availability and the country’s system of sharing resources is stretched thin. For Canada’s P&C insurance industry, the overall lack of firefighters is a concern, given the sheer number of fires…