Canadian cyber insurance companies are now requiring businesses to offer multi-factor authentication (MFA) and have cybercrime/data breach response plans in place before qualifying for coverage. Prudent, since cybercrimes and ransomware attacks are on the rise – Canadians have lost $4.9…
Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those…
When the Office of the Superintendent of Financial Institutions (OSFI) released its reinsurance discussion paper in 2018, it created quite a stir in Canada’s property and casualty insurance industry. The association representing Canadian P&C insurers, the Insurance Bureau of Canada…
Losses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and…
A bad storm system this past July will probably cost the industry about $100 million. On July 15, several tornadoes touched down in central Ontario. One caused irreparable damage to dozens of homes in Barrie, about 100 kilometres north of…
The sun brings light, warmth … and solar flares that pose risks for aging power grids in Canada and worldwide, panellists told a recent Property and Casualty Insurance Compensation Corporation (PACICC) webinar on emerging risks. While routine blackouts generally happen…
Global reinsurers could be underestimating climate change exposure by up to 50%, according to a recent analysis by S&P Global Ratings. “Our scenario analysis suggests that reinsurers’ estimates of their exposure to natural catastrophe risk — and therefore physical climate…
Even as B.C. wildfires continue to burn, investigations begin and claims start rolling in.
Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate…
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…
Recognized COVID-related losses are about US$40 billion for the global reinsurance industry, A.M. Best Company Inc. said in a reported released Aug. 30. Original estimates of insured COVID losses “easily exceeded” twice that US$40 billion figure, “with around half the…
Rip tides and waves of up to four metres could affect the Nova Scotia coast once the remnants of Hurricane Henri reach Atlantic Canada Monday. “No significant wind is expected over Maritimes land areas at this time,” Environment Canada said…