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Will rocketing consumer prices spark social inflation?

June 24, 2022 by Philip Porado

While consumers are paying close attention to inflation’s impact on their wallets, insurers should be keeping an eye on social inflation – and recognize the two are often linked. “There’s quite a distinction between the impact of what I would

The burned-out remains of businesses and properties destroyed by the Lytton wildfire
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B.C. commits $21 million to help rebuild infrastructure in Lytton after fire

June 24, 2022 by The Canadian Press

VICTORIA – The fire-ravaged community of Lytton, B.C., is getting $21 million from the provincial government to help it rebuild essential infrastructure and services. The Public Safety Ministry says in a statement the new funding will support priorities identified in

Arrows pointing to profit and loss as if it was a road sign.
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What’s to blame for P&C industry’s quarterly profitability decline?

June 23, 2022 by Canadian Underwriter Staff

At first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed

A landslide destroyed a house and forced evacuations in Saguenay, Que.
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City in Quebec renews state of emergency for neighbourhood facing landslide threat

June 23, 2022 by The Canadian Press

SAGUENAY, Que. – Officials in the City of Saguenay, Que., have renewed a state of emergency for a neighbourhood under threat of another landslide. On Wednesday, Quebec Premier Francois Legault toured the area and met with residents, announcing the government

A landslide destroyed a house and forced evacuations in Saguenay, Que.
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Quebec extends state of emergency in Saguenay because of landslide threat

June 21, 2022 by The Canadian Press

MONTREAL – Quebec is extending a state of emergency in a city north of Quebec City where a neighbourhood is threatened by landslides. Public Security Minister Genevieve Guilbault tweeted late Monday afternoon that she signed a decree allowing Saguenay to

Stressed out person working from home.
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Yes, COVID-19 really did boost broker workloads

June 20, 2022 by David Gambrill

While the pandemic created extra work for brokers, it also highlighted the value of the broker proposition, which includes, choice, advice and advocacy, according to Canadian Underwriter‘s 2022 National Broker Survey, which asked more than 250 brokers nationwide about challenges

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What Millennials and Gen Z want when they buy insurance

June 17, 2022 by Alyssa DiSabatino

Younger Canadians are accustomed to getting immediate results from their actions. Sending an e-transfer, text or e-mail means things happen in the blink of an eye, said Katy Fowler, personal lines hero at InsuranceHero. “We expect our internet to be

Picturesque family home with red facade combined with wooden details. Hard roof top pergola covering the patio, protecting it from snow. This modern style home gives you a cozy feel, because of wood and warm colors.
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Sewer back-up or overland flood? Is a sun deck “within” a dwelling?

June 17, 2022 by David Gambrill

A sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual

Damage following the Barrie tornado in July 2021
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The cheaper we build our buildings, the more they cost after an earthquake, wildfire or tornado

June 17, 2022 by Keith Porter

By Keith Porter, adjunct research professor, civil and environmental engineering, Western University This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original

Workers sandbag around a restaurant in Calgary in anticipation of heavy rainfall
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Why recent Calgary storm is not like 2013 flooding

June 16, 2022 by Jason Contant

Although home to many of the costliest natural disasters in Canada, Alberta appears to have dodged a bullet with the latest rainfall event in the Calgary area. The City of Calgary declared a local state of emergency earlier this week

Collapsed sections of bridges following flooding in B.C.
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Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ

June 16, 2022 by The Canadian Press

VANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as

Hospital damage from the 2018 Camp Fire in California
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The latest insolvency risk: climate change

June 15, 2022 by Jason Contant

A single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional”