Canadian Underwriter

Keyword
catastrophe

News CatastrophesClaimsClaims CanadaEarnings / RatingsInsurance

Why the hard market could be unsustainable

September 21, 2021 by Greg Meckbach

The Canadian industry’s combined ratio, at 81% so far in 2021, is at a historic low but this is mainly due to a 23% drop in claims and adjustment expenses, from $20.26 billion in the first six months of 2020,

News Insurance

How to bring the risk of catastrophic events home to your clients

April 9, 2021 by Jason Contant

Canada’s property and casualty insurance industry needs to ramp up its public education efforts to bring the risk of catastrophic events home to the Canadian population, speakers said Thursday during the virtual CIP Society Symposium 2021. “I don’t like to

News Insurance

Feds seek post-pandemic ideas to prepare for next major disaster

March 16, 2021 The Canadian Press

OTTAWA – The federal government is looking beyond COVID-19 to prepare for the next large-scale calamity – be it another pandemic, a tsunami or cyberattack. In a notice posted today, Defence Research and Development Canada seeks proposals for studies, technology

News Insurance

$2 billion is the new $1 billion for insured Canadian NatCat events

January 5, 2021 by Jason Contant

Insured losses from natural catastrophes in Canada totalled nearly $2.5 billion last year, Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) reported Monday. “The years where annual catastrophic insured losses were below $1 billion seem to be a thing of the

News Insurance

Ontario wind storm costs the industry $87 million

December 15, 2020 by Jason Contant

Add $87 million to the more than $2.1 billion that the Canadian property and casualty insurance industry has paid out in claims thus far in 2020. An Ontario windstorm in November hit the Greater Toronto Area, the areas of Hamilton,

News Insurance

OSFI releases new (and softer) proposed rule on high-limit policies

December 3, 2020 by David Gambrill

Canada’s solvency regulator has come out with a softer version of its proposed rule regarding the property and casualty insurance industry’s issuance of high-limit policies. The new version is in response to the industry’s previous concerns about the massive $21-billion

News CatastrophesClaimsClaims Canada

More than one way to define a Cat

September 3, 2020 by Greg Meckbach

If you disagree with a co-worker on exactly what a catastrophe is, both of you could be right. There is no single standard definition of a “Cat,” with the industry’s loss costs — and even media coverage — among the

News Insurance

Facing a perfect storm of events, insurers brace for a ‘turbulent future’

July 21, 2020 by Adam Malik

With natural catastrophes starting to hit, the economy in rough shape, and the courts poised to weigh in on potential business interruption exposures, insurance companies are buckling in for a rough ride ahead, a recent report warns. Natural catastrophe (NatCat)

Feature Catastrophes

The biggest one

May 5, 2020 David Gambrill, Editor in Chief

How the industry will survive a global pandemic

News AdjustersCatastrophesClaimsClaims CanadaInsurance

The impact of COVID-19 on independent adjusters

March 18, 2020 by Greg Meckbach

As most Canadians are being asked to leave home only when necessary, how will the property and casualty industry deal with a large catastrophe, such as a major wind storm, while still taking precautions to reduce the risk of COVID-19

News CatastrophesClaimsClaims CanadaInsurance

Canada’s biggest insurance losses in 2019

January 22, 2020 by Greg Meckbach

Insured damage from floods, rain, snow and windstorms reached $1.3 billion in 2019, the Insurance Bureau of Canada (IBC) reported Tuesday, citing data from Catastrophe Indices and Quantification Inc. (CatIQ) “Like 2018, no single event in 2019 caused the high

News CatastrophesInsuranceMarkets / Coverages

Should the industry have a specific line of business for ‘catastrophe’?

January 16, 2020 by Jason Contant

Is it time the insurance industry starts zeroing in on a single definition of catastrophe? Traditionally, the industry would offer a named perils policy outlining specific catastrophe coverages or an all-risks policy, which covered risks unless they were specifically excluded.