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Search continues for two missing firefighters swept away during spring floods
May 2, 2023 by The Canadian PressBAIE-SAINT-PAUL, Que. – The search continued Tuesday for two Quebec firefighters swept away in floodwaters northeast of Quebec City, as heavy rains washed out roads and cut off homes in several regions across the province. Specialized aerial and ground rescue…
Residents of Quebec town still struggle with aftermath of 2019 flooding
May 1, 2023 by Morgan Lowrie - THE CANADIAN PRESSSAINTE-MARTHE-SUR-LE-LAC, Que. – Sylvie Bechard had only owned her little brick house for six months when her neighbour came banging on her door on the night of April 27, 2019. The dike holding back the Lake of Two Mountains had…
How the industry’s ROE is trending
April 26, 2023 by Jason ContantThe Canadian property and casualty insurance industry’s return on equity (ROE) last year dropped a few percentage points from the 17% to 18% level it was in 2021, but it’s still above the long-run average of 10.1%, a new industry…
Auto insurers take note: Why this economic downturn is so unusual
April 25, 2023 by Jason ContantCanada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week. “Anybody here who…
Thousands of Quebecers lose power after generating station interruption
April 25, 2023 by The Canadian PressMONTREAL – Quebec’s electric utility says thousands are without power in the province after a problem at the Churchill Falls generating station in Labrador. A Hydro-Quebec spokesman says the station experienced a sudden interruption today, which triggered protection mechanisms that…
Navacord makes largest acquisition of the year
April 24, 2023 by Jason ContantNavacord has made its fifth and largest transaction of the year with the acquisition of British Columbia-based SeaFirst Insurance Brokers, effective Apr. 1. With roots dating back to 1950, SeaFirst Insurance has since grown to one of the largest commercial…
Insurer successfully defends flood exclusion in water damage endorsement
April 21, 2023 by David GambrillA Quebec home insurer successfully defended a flood exclusion to its policy’s water damage endorsement, on the basis that the insurer would not cover water damage that “occurs when a flood reaches the surface of the ground on the premises.”…
PACICC urges feds to move on quake backstop
April 20, 2023 by David GambrillCanada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to…
Will Canada’s 2023 underwriting results track U.S. improvements?
April 19, 2023 by Philip PoradoCanadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile…
Spring flooding: Montrealers warned to pack emergency kits as water levels rise
April 17, 2023 by The Canadian PressMONTREAL – Rain is in the forecast this week across Quebec and officials are monitoring lakes and rivers at risk of flooding. Martin Guilbault with Montreal’s fire department says the city is on alert as the risk of flooding is…
M&A transactions see Canadian and U.S. brokerages expand nationally
April 13, 2023 by Alyssa DiSabatinoM&A activity this month has seen two major Canadian brokerages—Westland and Brokerlink—expanding their practices nationally, and one U.S.-based brokerage entering the Canadian market. B.C.-based Westland Insurance expanded its P&C practice with three acquisitions across Ontario, Alberta and Manitoba in April. …
How recent extreme weather compares to 1998 Quebec ice storm
April 12, 2023 by Jason ContantThe storm that struck Ontario and Quebec — leaving some Quebecers without power for more than a week — was large, but it was nothing compared to the infamous 1998 Quebec ice storm, industry professionals said. Catastrophe Indices and Quantification…