$2 billion is the new $1 billion for insured Canadian NatCat events
January 5, 2021 by Jason ContantInsured losses from natural catastrophes in Canada totalled nearly $2.5 billion last year, Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) reported Monday. “The years where annual catastrophic insured losses were below $1 billion seem to be a thing of the…
Ontario wind storm costs the industry $87 million
December 15, 2020 by Jason ContantAdd $87 million to the more than $2.1 billion that the Canadian property and casualty insurance industry has paid out in claims thus far in 2020. An Ontario windstorm in November hit the Greater Toronto Area, the areas of Hamilton,…
More than one way to define a Cat
September 3, 2020 by Greg MeckbachIf you disagree with a co-worker on exactly what a catastrophe is, both of you could be right. There is no single standard definition of a “Cat,” with the industry’s loss costs — and even media coverage — among the…
Adjusting Calgary’s hailstorm: The rationale for bringing in U.S. Cat adjusters
August 28, 2020 by Greg MeckbachDuring the hail storm this past June that damaged tens of thousands of Alberta homes, adjusting firm CRU Group struggled to find enough qualified independent catastrophe adjusters in Canada, and wound up resorting to bringing in people from the United…
How much insurers paid out for Fort Mac’s spring flood
June 2, 2020 by Adam MalikInsurers paid out more $228 million in insured damage for spring flooding in Fort McMurray, Alta., that occurred a little over a month ago. Catastrophe Indices and Quantification Inc. (CatIQ) released the numbers this week, noting that commercial properties took…
The impact of COVID-19 on independent adjusters
March 18, 2020 by Greg MeckbachAs most Canadians are being asked to leave home only when necessary, how will the property and casualty industry deal with a large catastrophe, such as a major wind storm, while still taking precautions to reduce the risk of COVID-19…
Canada’s biggest insurance losses in 2019
January 22, 2020 by Greg MeckbachInsured 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…
How catastrophes affected Intact’s Q4 numbers
January 9, 2020 by Greg MeckbachIntact Financial Corp. is pegging its catastrophe claims at $115 million for the fourth quarter of 2019 alone, more than double the figure for the same period in 2018. Intact released its $115 million estimated catastrophe loss Tuesday. The company…
How this year’s CAT losses are trending
July 3, 2019 by Adam MalikCanada is well on its way to cracking the $1-billion threshold in insured catastrophe losses yet again as we enter the second half of 2019. Catastrophe Indices and Quantification (CatIQ) told Canadian Underwriter Wednesday that the estimated catastrophic insured loss…
CatIQ acquired by Switzerland-based PERILS
June 17, 2019 by Jason ContantZurich, Switzerland-based PERILS AG announced Monday that it has acquired Catastrophe Indices & Quantification Inc. (CatIQ). Established in 2014, CatIQ is widely recognized as the most reliable source of catastrophe loss and exposure information in Canada. PERILS, a subsidiary of…
Why is New Brunswick’s loss ratio the highest in Canada?
June 12, 2019 by Jason ContantWhat is contributing to New Brunswick’s skyrocketing loss ratio? According to Canadian Underwriter’s 2019 Statistical Issue, the total (direct) loss ratio for the province last year was 100.8%, up 22 points from 78.8% in 2017. This makes it the highest…
The challenges of assessing seasonal home damage
May 13, 2019 by Adam MalikDespite being told flooding in Ontario’s Cottage Country back in 2013 was one-in-100-years event, area businesses and residents are cleaning up from a second and more widespread flooding incident in less than a decade. Climate is playing a key role…