Canadian Underwriter

Keyword
Natural Catastrophe

Driving on straight dirt road towards the ominous tornado storm through the cultivated fields of wheat and corn crops.
News Insurance

Aon’s Bowen gives 2022 NatCat forecast

February 23, 2022 Philip Porado

Canada’s seen US$54 billion in economic losses due to weather events since 2010, Steve Bowen, Aon global head of catastrophe insight, told CatIQ’s Feb. 10 webinar, Catastrophes: Past, Present and Innovative Paths Forward. “That’s roughly half of all losses over

Satellite orbiting the earth
News Insurance

New collaboration uses satellite data to develop new insurance products

February 9, 2022 by Jason Contant

Tokio Marine Holdings and ICEYE, a radar data provider and expert in NatCat solutions, have announced a commercial collaboration to develop new insurance products and services that utilize satellite data. ICEYE says Tokio Marine (whose Canadian branch has underwriting offices

News Insurance

Should PACICC purchase reinsurance?

January 13, 2022 by Jason Contant

Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found

News Insurance

Outlook for reinsurers improves post-pandemic

September 8, 2021 James Langton, Investment Executive

Despite a recent string hurricanes, floods, wildfires and other natural disasters, the outlook for the global reinsurance sector is improving, according to rating agencies Moody’s Investors Service and Fitch Ratings. In a new report, Moody’s said the outlook for the

News Insurance

How home insurance rates in Canada are trending

June 8, 2021 by Adam Malik

Home insurance rates in Alberta today have jumped nearly two-and-a-half times more than what they were 10 years ago, according to an analysis from a rate aggregator. Average home insurance premiums in Alberta have gone from $741 to $1,779 since

News Insurance

Lessons learned from ‘the toughest Cat season’

March 2, 2021 by Adam Malik

The COVID-19 pandemic made it difficult at times for insurers to work through natural catastrophes, said a Wawanesa executive during a recent web conference. But they’ve learned a few lessons because of it. As Cats stormed through Alberta to the

News Insurance

Cat counter starts the year at $134 million for winter storms

February 19, 2021 by David Gambrill

For the Canadian P&C insurance industry, Cat activity roared in like a lion in January, but has looked more like a kitten since then. Two winter storms in Western Canada caused more than $134 million in insured damage, based on

News Insurance

Will NatCats cause your business clients to leave hot spots?

February 1, 2021 by Adam Malik

After going through a wildfire and multiple flooding events over the last few years, it’s reasonable to believe that businesses are re-thinking about being in Fort McMurray, Alta., says a Canadian P&C insurance executive. The executive’s comment applies to more

News Insurance

P&C insurers can handle severe weather events, but for how long?

July 27, 2020 by Adam Malik

Canadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However,

News CatastrophesInsurance

Natural disaster recovery: Who owns the risk?

January 31, 2018 by David Gambrill

Canadians are not fully aware of their exposure to natural catastrophe risks, triggering a conversation at the C4 2018 conference in Ottawa about who is responsible for shouldering the heavy load of mounting disaster recovery costs. Organized by Catastrophe Indices

News CatastrophesEarnings / RatingsInsuranceMarkets / Coverages

North American commercial insurance buyers likely to face rate increases in 2018: Willis Towers Watson

November 7, 2017 by Canadian Underwriter

Commercial insurance buyers in North America are likely to face rate increases for 2018 insurance programs as the industry continues to tally losses following one of the most “active and financially disruptive hurricane seasons in history,” according to Willis Towers

News CatastrophesEarnings / RatingsInsuranceReinsurance

Global reinsurers’ first-half 2017 results reflect pricing pressure, consolidation expected: Fitch

August 21, 2017 by Canadian Underwriter

Global reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean