Topic Nova Scotia
Freezing rain causes power outages, forces closures across Atlantic Canada
January 16, 2023 by The Canadian PressHALIFAX – Schools across much of Atlantic Canada are closed today as a sprawling winter storm continues to linger over the region. Rainfall and freezing rain warnings remain in effect for all of New Brunswick and P.E.I., and most parts…
What claims adjusters are seeing from holiday winter storm
January 10, 2023 by Jason ContantWind and water claims make up the bulk of the ‘bomb cyclone’ weather event that swept through eastern Canada during the holidays last month, adjusters told Canadian Underwriter. Much of North America was bombarded by heavy snowfall, strong winds and…
Hurricane Fiona insurance damage estimate revised to $800 million
January 5, 2023 by David GambrillHurricane Fiona has now caused insured damage of more than $800 million in Canada, according to Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ’s initial estimate in October 2022 was $660 million. Hurricane Fiona now sits as the seventh-largest catastrophe in…
How much did December’s ‘bomb cyclone’ cost Canadian insurers?
January 5, 2023 by Jason ContantThe ‘bomb cyclone’ that ripped through eastern Canada during the holiday season has been declared a catastrophe, Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Thursday. The winter storm brought heavy snowfall, strong winds and blizzard conditions to…
What’s the better parametric insurance trigger for Canadian hurricanes?
December 12, 2022 by Alyssa DiSabatinoHurricane risk differs in Canada, which is why parametric insurance triggers that work in the U.S. may not be as effective in Canada, said a panellist in a Canadian Underwriter webinar. Barometric pressure may be a better parametric trigger…
Which insured perils are of most concern to your clients?
December 5, 2022 by David GambrillWinter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe…
What makes the current claims environment so challenging?
December 2, 2022 by Philip PoradoA convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages,…
An insured driver is injured when an uninsured car-jacker steals her car. Who covers?
December 1, 2022 by David GambrillInsured drivers owning stolen vehicles must go to Facility Association — not their own private auto insurers — to get compensation for injuries sustained in assaults against them involving uninsured car-jackers, a Nova Scotia court has ruled. The Supreme Court…
What reinsurance renewals could look like on Jan. 1
November 23, 2022 by David GambrillGlobal reinsurers are expected to raise property catastrophe rates “by well over 10%” in exposed areas during January 2023 renewals, a Fitch Ratings report stated. “We expect double-digit percentage premium rate rises for property catastrophe cover in 2023 driven by…
How hurricane losses will impact pricing and capacity
November 21, 2022 by Philip PoradoWatch for Hurricane Ian’s damage estimates of between US$50 billion and US$70 billion to made insurers more conservative about pricing and capacity, according to Aon’s global market insights for 2022 Q3. “As the full market impacts of Hurricane Ian materialize,”…
Will inflation stop Canadians from buying winter tires?
November 17, 2022 by Alyssa DiSabatinoEven when faced with the rising cost of living, 82% of Canada’s motorists believe investing in winter tires is important, said a new survey by the Tire and Rubber Association of Canada (TRAC). However, brokers will be interested to know…
Nicole to be typical fall storm, but officials warn of outages where Fiona hit hard
November 11, 2022 by The Canadian PressHALIFAX – Environment Canada says the Category 1 hurricane that hit Florida early this morning will feel like a typical fall storm when the weather system makes its way to the East Coast this weekend. But officials are warning to…