Canadian Underwriter


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
News ClaimsClaims CanadaInsuranceMarkets / Coverages

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

Water level gauge
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Water levels reach flood stage in New Brunswick

April 19, 2023 The Canadian Press

Rising water levels from melting snow and warmer temperatures are starting to affect roads in parts of New Brunswick. New Brunswick’s River Watch officials say water levels in the lower Saint John River have reached flood stage, and they are

New Brunswick road flooded
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N.B. hopes for quiet spring but asks residents to be prepared for possible floods

March 15, 2023 The Canadian Press

FREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of

Motorist driving on closes Trans-Canada highway in Abbotsford, BC
News CatastrophesClaims CanadaClimate ChangeInsuranceMarkets / Coverages

Window for action on national flood insurance program is now, IBC says

February 24, 2023 by Jason Contant

Insurance Bureau of Canada (IBC) is applauding the federal government’s latest disaster assistance for flood recovery costs associated with British Columbia’s costliest severe weather event, but is stressing the urgent need for action on a national flood insurance program. The

Flooded road in New Brunswick
News CatastrophesClaimsClaims CanadaClimate ChangeInsuranceRisk

Government caps disaster assistance, lowers threshold for property buyouts

February 23, 2023 by Jason Contant

Another provincial government is changing the way it provides disaster financial assistance by capping assistance for claims related to the same type of disaster at $200,000. New Brunswick is increasing the maximum payout for structural damage to $200,000, setting a

Picture of a business man smiling underwater, his business flooded
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Extension covering “influx of water” trumps broad form flood exclusion

February 6, 2023 by David Gambrill

A commercial property policy extension granting coverage for an “influx of water derived from natural sources” trumps a policy’s broad form flood exclusion, Alberta’s Appeal Court has found in a 2-1 split decision. A bowling alley in Fort McMurray, Alta.,