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Meteorologist explains why future NatCat claims won’t get any better

January 27, 2023 by Alyssa DiSabatino

As the climate warms, even predictable weather patterns — like El Niño and La Niña, which are affected by rising sea temperatures — are changing alongside the climate, a weather expert warns.  And that could mean more frequent and severe

Power lines in Ottawa knocked out by the May 22 derecho storm
News BrokersClaimsClimate ChangeCommercial LinesInsuranceRisk

Where 2022 tallies for insured damages in Canada

January 18, 2023 Canadian Underwriter Staff

Severe weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersCatastrophesClaimsCommercial LinesInsuranceRisk

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

Figurines of six businesspeople examining a concrete globe
News BrokersCatastrophesClimate ChangeCommercial LinesInsuranceRisk

Which risks will trouble the globe in 2023?

January 13, 2023 by Alyssa DiSabatino

The cost-of-living crisis poses the biggest worldwide risk in 2023, according to findings in the World Economic Forum’s Global Risks Report 2023.  Two years from now, experts expect the cost of living will still be the number one risk on

Buildings sit in the water in Rose Blanche-Harbour Le Cou
News CatastrophesClaimsClaims CanadaInsurance

Hurricane Fiona insurance damage estimate revised to $800 million

January 5, 2023 by David Gambrill

Hurricane Fiona has now caused insured damage of more than $800 million in Canada, according to Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ’s initial estimate in October 2022 was $660 million. Hurricane Fiona now sits as the seventh-largest catastrophe in

News Insurance

Ontario won’t allow homes to be built on floodplains, Ford says after fed warning

December 5, 2022 Liam Casey - THE CANADIAN PRESS

CLARINGTON, Ont. — Ontario has no plans to allow homes to be built on floodplains, Premier Doug Ford said Friday after the federal environment minister warned Ottawa would not provide disaster compensation where development is greenlit in areas prone to

raindrops falling on the street
News BrokersClaimsClimate ChangeInsuranceMarkets / CoveragesRisk

Flood policy education: What brokers are up against

November 30, 2022 by David Gambrill

Half of Canadian homeowners have not purchased additional coverage for water damage, relying on a standard homeowner policy that does not cover risk of overland flood or water seepage into the home. Endorsements are available to extend coverage for water

A giant fireball is seen as a wild fire rips through the forest 16 km south of Fort McMurray, Alberta on highway 63 on May 7, 2016. THE CANADIAN PRESS/Jonathan Hayward
News CatastrophesClaimsInsuranceProductsRiskTechnology

Why insurers should invest in genetically modified trees

November 22, 2022 by David Gambrill

Insurance companies should consider investing in genetically-modified, slow-burning trees to mitigate wildfire damage, according to a first-prize pitch at the WinterHack 2022: Design Thinking Ideathon. “We will be taking advantage of state-of-the-art biotechnology and building upon it to create a

Coastal flooding remains a concern for eastern Canada
News CatastrophesClimate ChangeRisk

Climate Changed: Rising oceans, storm surges ‘disaster in slow motion’ for coasts

November 22, 2022 Hina Alam - THE CANADIAN PRESS

Tides are rising, sands are shifting and coastlines are crumbling. As studies warn of rising seas and accelerated erosion resulting from climate change, coastal communities in Canada are wondering what the future holds. “Living on the coast is part of

Smoke from the factory chimney
News InsuranceMarkets / Coverages

Canada won’t back call to ‘phase down’ oil and gas production

November 18, 2022 Mia Rabson - THE CANADIAN PRESS

OTTAWA – Canada won’t agree to add language calling for the phaseout of all fossil fuels – including oil and gas – to the final agreement at this year’s United Nations climate talks in Egypt, Environment Minister Steven Guilbeault said

Aerial view of a small town with several houses completely flooded. Consequence of climate change.
News AnnouncementsCatastrophesClaimsClimate ChangeInsurance

P&C insurers call for a real estate climate risk score

October 26, 2022 by David Gambrill

Canadian P&C insurers are banding with Canada Mortgage and Housing Corporation (CMHC) to push for the disclosure of a real estate “climate score,” indicating the likelihood of a building or property being damaged during a natural catastrophe. Insurance Bureau of

Oilfield flange in Alberta
News Climate ChangeInsuranceMarkets / CoveragesReinsurance

Munich Re to stop its backing for new oil and gas fields

October 11, 2022 The Associated Press

BERLIN (AP) – Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new