Canadian Underwriter

Keyword
natural catastrophes

Close up of an industrial bricklayer installing bricks to build back on a construction site
News BrokersCatastrophesClaimsInsurance

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

Aerial view a wetland stillwater surrounded by wildfire damage.
News CatastrophesClaimsInsurance

P&C industry joins the $3-billion Cat club (again)

October 19, 2023 by David Gambrill

For the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms

The wreckage of a collapsed building after the earthquake
News CatastrophesClaimsClimate ChangeInsuranceLegislation / RegulationRisk

NatCats increasingly a factor in why insurers fail

October 17, 2023 by David Gambrill

Add natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property

Lightning strike in a thunderstorm
News CatastrophesClaimsClimate ChangeInsuranceMarkets / Coverages

Thunderstorms now a primary concern for insurers

August 10, 2023 by David Gambrill

Damage from secondary perils such as thunderstorms in the first half of 2023 is of primary concern to reinsurers. A series of widespread thunderstorms hitting the U.S. accounted for 68% of global insured natural catastrophe losses in the first half

World map with natural disaster icons
News CatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsuranceRestoration

Will the multi-billion-dollar Cat loss trend continue indefinitely?

March 22, 2023 by Jason Contant

Global insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend

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 CatastrophesClaimsClimate ChangeInsuranceRisk

What is the P&C insurance sector’s role in “building back better”?

March 13, 2023 by David Gambrill

If Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster.

Water Rescue crew on site searching for survivors after dangerous NatCat Flooding Aerial drone views high above Flooding caused by Climate Change leaving entire neighborhood underwater and houses completely under water , boat with water rescue searching for people stuck in their flooded homes
News CatastrophesClaimsClimate ChangeEarnings / RatingsInsuranceRisk

Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show

March 10, 2023 by David Gambrill

When it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s

News CatastrophesClaimsClimate ChangeInsurance

Rapid-intensity Hurricane Laura ultimately headed for Newfoundland

August 26, 2020 by David Gambrill

The path of Hurricane Laura — which is currently located off the U.S. Gulf Coast and described as one of the fastest-intensifying storms in history — is tracking to hit St. John’s, Nfld., next Monday as a post-tropical storm, according

News Insurance

Why the global protection gap is the lowest it’s been in 14 years

January 22, 2019 by David Gambrill

Globally, the protection gap in 2018 shrunk to 60% – the lowest level it has been in 14 years, according to a new report on global catastrophes by Aon plc. Extreme weather drove the majority of the globe’s $225-billion worth

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesReinsurance

Hurricanes, earthquakes contribute to Group 9M net loss of US$468 million for Swiss Re

November 3, 2017 by Canadian Underwriter

Swiss Re has reported a Group net loss of US$468 million for the first nine months of 2017, reflecting the US$3.6 billion expected insurance claims from Hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. Property & Casualty Reinsurance’s and

News CatastrophesInsuranceMergers and Aqcuisitions

Fewer and less intense cat events significantly lower global economic losses to US$44 billion in H1 2017: Swiss Re

August 17, 2017 by Canadian Underwriter

Total global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re.

News CatastrophesInsuranceMarkets / CoveragesMergers and AqcuisitionsProductsReinsuranceTechnology

CatIQ enters into agreement with Impact Forecasting to use cat event flood response footprints for Canada

August 11, 2017 Jason Contant, Online Editor

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) announced that they have entered into an agreement whereby Impact Forecasting’s cat event response flood footprints for Canada will be made available as a layer on CatIQ’s CatHUB module. “Aon Impact Forecasting’s Canadian