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The rise and fall of the P&C industry’s financial results

January 22, 2024 by David Gambrill

As the Alan Parson Project once sang, “What goes up, must come down,” and predictions about industry profitability made two years ago are unfortunately coming true — including a marked downward trend of financial results in 2023, says one veteran

Burst pipe during freezing weather
News AlbertaB.C.BrokersClaimsClaims Canada ArchiveEnvironmentalManitobaPersonal HomeQuebecSaskatchewan

Brokerage sees nearly 200% increase in cold weather claims

January 18, 2024 by Jason Contant

With temperatures plummeting across Canada recently, one insurance brokerage has seen a 191% increase in cold weather-related claims in the early days of 2024 compared to 2023. “Over the past couple of weeks, we’ve seen almost three times as many

Insurance companies are reaching a tipping point on NatCats
News CatastrophesClaimsInsurersPersonal AutoPersonal Home

When will Canada’s insurers reach a tipping point over NatCats?

January 17, 2024 by Philip Porado

If insurers’ recent response to drastic storm and fire losses recorded in many parts of the U.S. are any harbinger, some Canadian regions may soon grapple with a future in which standard market insurers simply walk away. It’s already happening

The McDougall Creek wildfire in West Kelowna, BC.
News B.C.CatastrophesClaimsClaims Canada ArchiveEnvironmentalPersonal Home

More than 100 wildfires still burning after B.C.’s record wildfire season

January 17, 2024 by Ashley Joannou - The Canadian Press

More than 100 wildfires are still listed as burning in British Columbia thanks to a combination of a busy wildfire season, extreme drought and generally warmer and drier conditions through December. Forrest Tower of the BC Wildfire Service said that

A city worker shovels snow in Vancouver
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Snowstorm inbound for Metro Vancouver as winter weather rages across Canada

January 16, 2024 by The Canadian Press

VANCOUVER – Environment Canada says a snowstorm is expected to hit Metro Vancouver, Greater Victoria and beyond, bringing up to 20 centimetres of accumulation and possible freezing rain to southern British Columbia. The weather agency has issued a snowfall warning

Icicle hangs from edge of building
News AdjustersClaimsClaims ProfessionalsCommercialInsurersLiabilityLoss ControlPersonal HomePropertyQuebec

Roof collapses feared if freezing rain follows heavy snowfall

January 16, 2024 by David Gambrill

Fearing a wave of roof collapses could occur in the short term, Toitures Hogue, a large Quebec roofer, is urging owners of commercial, industrial and/or institutional buildings to be cautious and proactive in advance of a freezing rain forecast over

M&A concept
News AlbertaB.C.BrokersCommercialHRManagementMergers and AqcuisitionsMGAsNova ScotiaOperationsPersonal AutoPersonal Home

Two brokerages, one MGU involved in recent deals

January 15, 2024 by Jason Contant

Editor’s Note: This story has been corrected to clarify that Keyes Insurance was not acquired by the Canadian Broker Network but rather joined its membership. Keyes Insurance remains a fully independent brokerage solely owned by Shaun Keyes. Canadian Underwriter apologizes

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News AlbertaCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss TrendsPersonal AutoPersonal HomeProperty

Ten per cent of country’s insured losses in Alberta alone

January 12, 2024 by Alyssa DiSabatino

For all the smoke, fire and flood that happened across Canada this year, damage to property in Alberta alone exceeded $330 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  That’s nearly 10% of all insured losses across

Removing damaged drywall
News ClaimsClaims TechnologyConstructionInsurersLoss ControlLoss TrendsPersonal Home

Can higher lodging costs cut restoration losses?

January 12, 2024 by Philip Porado

Insurers looking to reduce home restoration claims costs should find ways to avoid tearing out walls, flooring, rugs, trim and other major construction components. One insurer’s launched a program to do just that. The approach will lead to a “1%

Flood on a street in Nova Scotia
News BrokersCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss ControlPersonal Home

What’s at risk if the national flood insurance program stalls

January 10, 2024 by Alyssa DiSabatino

Insurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter.   The

News BrokersHRManagementOperationsPersonal AutoPersonal Home

WTW names head of personal lines for Canada, U.S.

January 10, 2024 by Jason Contant

Large brokerage WTW has appointed Despina Buganski as head of personal lines for its Corporate Risk & Broking division for North America (CRB NA). Effective immediately, both WTW’s Canadian and U.S. personal lines teams will report directly to Buganski, the

The wreckage of a collapsed building after an earthquake NatCat
News AdjustersB.C.CatastrophesClaimsLoss TrendsPersonal HomeProperty

NatCats taking their toll on Canadian property lines

January 8, 2024 by David Gambrill

Another year, another $3 billion in NatCat insurance claims payouts. Canada’s property and casualty insurance industry paid out more than $3.1 billion last year in claims related to natural catastrophes, based on the latest numbers from Catastrophe and Indices Quantification