Keyword
catastrophe
Mind the Gap
November 2, 2019 Jason Contant, Online EditorThe gap between those who are insured against catastrophes and those who aren’t is still noticeably wide, particularly as storms are supposed to get worse. Monica Ningen, president and CEO of Swiss Re Canada and English Caribbean, describes what can be done.
Have insured cat losses already reached $1 billion this year?
September 13, 2019 by Jason ContantThe “alarming trend” towards increasingly severe and frequent weather events causing higher insurance payouts continues in 2019, with close to $900 million in insured losses recorded already so far this year. In 2018, insured damage from severe weather across Canada…
Two winter storms, one $70-million claims bill for insurers
April 9, 2019 by David GambrillThe busy catastrophe season in Canada thus far is continuing with no signs of slowing down. Two severe weather storms in Ontario this year, one in February and one in March, cost insurers more than $70 million in insured damage,…
What the industry learned from the costliest catastrophe of 2018
February 7, 2019 by Jason ContantThe sheer volume of claims following the windstorm that swept through southern Ontario and Quebec last May led to critical service disruptions, after so many consumers called at once to report their claims to their insurers. “I’m not sure people…
Two weird things about the 2018 catastrophe season
February 7, 2019 by Jason ContantThe Canadian insurance industry saw a bit of an unusual catastrophe season last year, with more cats in the second quarter than the third, and Ontario beating out Alberta for insured losses. There were a total of 12 catastrophes last…
What Canada’s P&C industry has learned from catastrophes
July 31, 2018 by David GambrillEach catastrophe presents a unique learning opportunity for today’s risk and insurance professional; over time, savvy risk experts will use these broad-scale “teachable moments” to better prepare their clients and employers to be more resilient in the future. Canadian Underwriter…
Cyber catastrophe bonds: Coming soon?
July 13, 2018 by Greg MeckbachWith computer security incidents causing business interruption and privacy breaches, there is a “very real possibility” that a catastrophe bond covering cyber risk might be available, the head of a cyber risk modelling vendor predicts. Catastrophe bonds are a form…
Does Canada have the adjusting resources to handle back-to-back catastrophes?
June 6, 2018 by Jason ContantDoes Canada’s property and casualty industry have enough resources in place to adjust major catastrophes that occur in tandem or right on the heels of each other? Industry resources in Ontario were tested after a severe ice storm in April,…
The Costly Future of Claims
January 26, 2018 David Gambrill, Editor-in-ChiefOops, the industry did it again. In 2017, Canada’s property and casualty insurance industry paid out a total of $1.33 billion in insured losses following catastrophic events primarily related to climate change. It’s the fifth time over the past seven…
How insurers protect their earnings against multiple catastrophes
January 4, 2018 by David GambrillWith the rise of multiple major catastrophe events in Canada, look for primary insurers to start seeking aggregate reinsurance covers as a means to adapt to climate change-related losses. “It’s the new normal that the companies are going to have…
Part of the Whole
November 27, 2017 by Canadian UnderwriterThe global natural catastrophe story for 2017, one that could tell the tale of the largest related losses in history, shows how interconnected each country’s reinsurance market is to the global whole. Reinsurers operating in Canada are advised that, this time around, being part of the whole may demand rethinking risk, pricing and partners.
Allianz trials blockchain prototype for the captive insurance market
November 7, 2017 by Canadian UnderwriterInternational insurance transactions can be significantly accelerated and simplified, suggests a trial by Allianz Global Corporate & Specialty (AGCS) involving the successful implementation of a blockchain prototype for the captive insurance market. “We are currently seeing many blockchain applications in…