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…
CU Total Loss Series: Where are the bottlenecks?
May 13, 2019 by David GambrillTotal Loss Series, Part 2: Bottlenecks Imagine Canada’s auto insurance industry saving millions of dollars each year in total loss costs and passing that along to Canadian drivers in the form of premium decreases. And all by simply reducing total…
How much will the eastern Canada flooding cost?
May 10, 2019 by Jason ContantTotal economic losses from the recent flooding in Ontario, Quebec and New Brunswick are expected minimally to reach into the hundreds of millions of dollars (U.S.), Aon’s latest catastrophe report said. The flooding event has already been declared a catastrophe…
‘It’s triage now’: Cottage Country brokers deal with flood fallout
May 6, 2019 by Adam MalikBrokers in Ontario’s Muskoka region are calling the recent flooding event the worst disaster they’ve ever seen. Both Stephen Darling, president at A.W. Shiers Insurance Brokers, and Adam Caswell, owner of Hutcheson Reynolds & Caswell, said damage is greater and…
2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…
How Quebec floods are challenging adjusters
May 1, 2019 by Greg MeckbachMany homes flooded in Sainte-Marthe-sur-le-Lac, Que. will be total losses and may not have overland flood coverage, a vice president for an independent adjusting firm suggests. Claims adjusting firm ClaimsPro is involved in about 2,000 flood claims from April in…
Why more companies aren’t using alternative risk transfer solutions
April 30, 2019 by Jason ContantA lack of understanding about alternative risk transfer (ART) solutions, particularly among C-suite executives, remains a major obstacle to their expanded use, according a new report from Marsh and RIMS. Nearly half of C-suite respondents said they don’t understand how…
How much of the Quebec flooding is insurable?
April 29, 2019 by Greg MeckbachAbout one in three Quebec homeowners have overland flood coverage, but that number could be much lower in areas affected by recent floods. In the Montreal suburb of Ste-Marthe-sur-le-Lac, Que., waters from Lake of Two Mountains breached a dike at about…
Is wind “the new water” for Canada’s insurers?
April 25, 2019 by Jason ContantHigh winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR…
Spring melt floods thousands of Quebec homes
April 22, 2019 by Jason ContantNearly 2,400 homes in Quebec have been flooded following the spring melt in the province, according to statistics released early Monday morning by the provincial government. The flooding has resulted in the evacuation of more than 1,500 residents. The city…