Canadian Underwriter


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Is the reserve release tank running on empty?

April 15, 2019 by David Gambrill

The Canadian property and casualty industry saw its reserve releases contract in 2018 to their lowest level in seven years, according to MSA’s Q4 2018 Quarterly Outlook. Expressed as a percentage of loss development margin, reserve releases last year amounted

News CatastrophesClaimsInsurance

March winter storm costs insurers over $124 million

April 12, 2019 by Jason Contant

A mid-March winter storm that struck central and eastern Canada caused over $124 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said Thursday. The storm hit Ontario on Mar. 14 and continued through Quebec, New Brunswick and Nova

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Two winter storms, one $70-million claims bill for insurers

April 9, 2019 by David Gambrill

The busy catastrophe season in Canada thus far is continuing with no signs of slowing down. Two severe weather storms in Ontario this year, one in February and one in March, cost insurers more than $70 million in insured damage,

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Long-range weather forecast: more flood claims for the P&C industry

April 3, 2019 by Jason Contant

Coastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase

News CatastrophesClaimsInsurance

How the cat season so far compares to 2018

March 26, 2019 by Jason Contant

It seems that the Canadian catastrophe season is off to a strong start, with five events so far this quarter compared to the normal one. “I will say that we have had an anomalous start to the year,” said Laura

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How small potatoes from federal budget can help insurers

March 20, 2019 by Greg Meckbach

The federal government’s commitment Tuesday to spend $1 million a year on hazard awareness training – from a total budget of nearly $350 billion – will go a “long way” towards helping Canadians understand property risk, the Insurance Bureau of

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This global reinsurer is applying for a Canadian branch office

March 13, 2019 by David Gambrill

Validus Reinsurance Ltd., a Bermuda-based reinsurer acquired by AIG last year for $5.5 billion, is looking to establish a Canadian branch office. Validus intends to file an application with the Office of the Superintendent of Financial Institutions (OSFI) on or

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How RSA plans to shore up its personal lines results in Canada

March 11, 2019 by David Gambrill

Expect RSA in Canada to take remedial underwriting actions in its personal lines portfolio – including auto rate increases of between 3% and 16%, and potentially selected broker cancellations – in order to shore up results after a tough year

News CatastrophesReinsuranceRisk

Wildfire catastrophe models need improvement: Reinsurer

March 8, 2019 by Greg Meckbach

The world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause. Swiss Re is working with the Massachusetts Institute of technology

News CatastrophesClaimsInsurance

Early storm warning for insurers: $40 million for January storm in eastern Canada

March 6, 2019 by Jason Contant

A winter storm in late January that brought snowfall, freezing rain, rain and strong winds to eastern Canada caused over $39 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ). Most of the damage occurred on Jan.

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Ontario’s latest wind storm: is it as costly as last year’s wind cat?

February 25, 2019 by Jason Contant

The strong wind storm that continues across parts of Ontario Monday is being compared to the costliest insured loss event of 2018. Beginning on Sunday, Feb. 24, a powerful, sustained wind storm caused blizzard conditions and damaging winds across Ontario.

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The impact of hardening Lloyd’s market on Fairfax

February 20, 2019 by Greg Meckbach

A tough Lloyd’s market and California’s worst-ever wildfire led to an underwriting loss for Brit Plc, which Toronto-based Fairfax Financial Holdings Ltd. acquired in 2015. Fairfax officials faced pointed questions during its recent earnings call from one analyst who suggested