Another year, another $3 billion in NatCat insurance claims payouts. Canada’s property and casualty insurance industry paid out more than $3.1 billion last year in claims related to natural catastrophes, based on the latest numbers from Catastrophe and Indices Quantification…
Your business clients may face increased exposure to climate change liability claims, based on a recent decision by the Federal Court of Appeal (FCA). “With strong language, the Federal Court of Appeal affirmed the ‘existential challenge’ posed by climate change…
Add natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
Although climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is…
One of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For…
Canada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between…
Canada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts…
Aviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of…
Severe weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
Canada announced today a total of $1.6 billion in new federal funding to help communities adapt to climate change by building infrastructure more resilient to natural disasters. The investment is part of the federal government’s new National Adaptation Strategy: Building…
Canada will be increasingly at risk for more frequent and severe hurricanes going forward due to climate change, Swiss Re told Canadian Underwriter in an interview Friday. “Sea surface temperatures [are] rising, which means storms will be able to travel…
Canada’s solvency regulator is seeking to harmonize climate risk disclosures with international standards, which some Canadian P&C insurers are viewing as akin to a climate-related IFRS 17 initiative. Some contend OSFI’s forthcoming guidance on harmonizing companies’ climate-related risk disclosures with…