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severe weather

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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

World map with natural disaster icons
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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

Tree damage following derecho
News Insurance

Emergency alerts when severe weather happens can be improved: Environment Minister

May 26, 2022 Mia Rabson - THE CANADIAN PRESS

OTTAWA – Emergency weather alerts that are broadcast over the mobile network should be improved to make sure they are getting to the right people at the right time, Environment Minister Steven Guilbeault said Wednesday. Guilbeault is in Germany for

News Insurance

What Intact paid for Cats last quarter

January 12, 2022 by Jason Contant

Intact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly

Flood damage
News Insurance

B.C. flooding is the costliest severe weather event in province’s history

December 10, 2021 by Jason Contant

It’s official — the massive flooding in southern British Columbia is the costliest severe weather event in the province’s history. In a press release issued late Thursday by Insurance Bureau of Canada (IBC), Catastrophe Indices and Quantification Inc. (CatIQ) said

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This is how much severe weather claims could cost in 10 years

February 3, 2020 by Jason Contant

Large losses will become larger, and the average annual severe weather claims paid by insurers in Canada could more than double over the next 10 years, according to a new report from the Insurance Institute of Canada. Since 2013, severe

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Canada’s biggest insurance losses in 2019

January 22, 2020 by Greg Meckbach

Insured damage from floods, rain, snow and windstorms reached $1.3 billion in 2019, the Insurance Bureau of Canada (IBC) reported Tuesday, citing data from Catastrophe Indices and Quantification Inc. (CatIQ) “Like 2018, no single event in 2019 caused the high

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Where spring showers have done much of the damage in 2019 1H

August 14, 2019 by Jason Contant

Payout amounts and the number of claims related to severe weather in Quebec have increased dramatically in the first half of the year compared to 2018, Insurance Bureau of Canada (IBC) reported recently. Successive weather events marked the first half

Feature

The Power of Now

July 1, 2019 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction (ICLR)

The industry is quite rightly focused on the future to assess emerging issues, but it must remain mindful of the present moment to address two major drivers of its poor results.

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Beleaguered industry faces prospect of more flood damage in Ontario

August 21, 2018 by David Gambrill

Most of Ontario is under a severe weather warning Tuesday, once again threatening flood damage in a province where insurers have already paid approximately $800 million for natural catastrophe damages. This cumulative total for the year in Ontario does not

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Mobile app offers an ounce of prevention to P&C insurance consumers

March 22, 2018 by Jason Contant

As Canada’s wireless providers prepare to provide mandatory smartphone alerts for natural disasters and other emergencies, Desjardins General Insurance Group (DGIG) will soon allow its customers access to a severe weather alert system through mobile apps. This week, the Canadian

News ClaimsClimate ChangeInsuranceProductsTechnology

Desjardins’ weather alerts: sign of a preventative insurance model?

March 19, 2018 by Jason Contant

Desjardins General Insurance Group (DGIG) will soon launch severe weather alerts allowing consumers to take pre-emptive steps to protect their property from potential damage. The move is indicative of a larger trend towards a preventative insurance model, as found in