Canadian Underwriter

Keyword
flood

Fraser River in British Columbia
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How insurers can help manage flood risk in Indigenous communities

February 20, 2024 by Jason Contant

Insurers need to play a greater role in helping to manage high-risk flood areas in Indigenous communities, a tribal chief said during the CatIQ Connect conference earlier this month. “At some point, you as insurers are going to have to

Squamish River in British Columbia
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Flood, avalanche risks remain elevated throughout B.C.’s South Coast

January 30, 2024 The Canadian Press

The flood and avalanche risks remain elevated throughout British Columbia’s South Coast, where atmospheric rivers continue to bring heavy rains along with unseasonably warm temperatures. B.C.’s River Forecast Centre is maintaining a flood warning for the Squamish River, saying flows

Close up of an industrial bricklayer installing bricks to build back on a construction site
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Should insurers help customers build back better…or not at all?

January 4, 2024 Philip Porado

Increased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to

Fire, flood, hurricane
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Can Canada’s P&C industry catch up to NatCats?

December 14, 2023 Philip Porado

In much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents

Torrential rain
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B.C. wrings out after atmospheric river brings torrential rain and wind

December 6, 2023 The Canadian Press

VANCOUVER – Residents in coastal and southern British Columbia are mopping up after an atmospheric river brought torrential rain and wind, while disrupting travel and utility services. The B.C. River Forecast Centre says Metro Vancouver, the south coast and Lower

Firefighting a forest fire with white smoke
News CatastrophesClaimsClimate ChangeEarnings / RatingsInsuranceReinsurance

Why secondary perils are of primary concern to insurers

August 25, 2023 by David Gambrill

So-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or

Wildfire in Halifax
News CatastrophesClaimsClaims CanadaInsuranceMarkets / Coverages

What’s driving Intact’s high personal property combined ratio?

August 3, 2023 by Jason Contant

Intact Financial Corporation (IFC) saw an elevated combined ratio (undiscounted) of 119.2% in its Canadian personal property segment in 2023 Q2, driven in part by twice the expected level of Cat losses.  The 119.2% combined ratio in Intact’s personal property

Canada risk of earthquake
News CatastrophesClaimsClimate ChangeInsuranceLegislation / RegulationRisk

Which peril might bankrupt the Canadian P&C industry?

June 28, 2023 Canadian Underwriter Staff

Ottawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty

Car driving through floodwaters
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Are you covered for driving through flood water?

June 5, 2023 by Jason Contant

British Columbia’s Civil Resolution Tribunal (CRT) has ruled in favour of the province’s public auto insurer after finding it properly classified a water-damaged vehicle under collision coverage. At issue was whether Insurance Corporation of British Columbia (ICBC) correctly determined water

The Fraser Valley in B.C. after flooding on Nov. 21, 2021
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Flood warning for part of northwest B.C., other rivers rising as heat grips province

May 17, 2023 The Canadian Press

VANCOUVER — A flood watch covered the Skeena region of northwestern British Columbia Tuesday as unseasonably warm temperatures swelled rivers in many areas of the province. B.C.’s River Forecast Centre posted the warning for the Skeena and Bulkley rivers and

Houses surrounded by water
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Communities along Ottawa River declare emergency over flood

May 4, 2023 The Canadian Press

Communities in eastern Ontario have declared states of emergency over flood risks as water levels are expected to peak today on the Ottawa River.   Whitewater Region Mayor Neil Nicholson says water is backed up along most of the township’s riverbanks

Bridge over the Fraser River in Prince George, B.C.
News ClaimsClimate ChangeInsuranceMarkets / CoveragesRisk

Hot spell hikes risks of flooding, avalanches and fire across British Columbia

April 27, 2023 The Canadian Press

VANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some