Canadian Underwriter

The wreckage of a collapsed building after an earthquake NatCat
News AdjustersCatastrophesClaimsClimate ChangeInsurance

NatCats taking their toll on Canadian property lines

January 8, 2024 by David Gambrill

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

Single wind turbine, a coal burning power plant with pollution and electricity pylons in the background.
News BrokersClaimsClimate ChangeInsuranceLegal

Why your clients may be exposed to more climate change claims

January 4, 2024 by David Gambrill

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

The wreckage of a collapsed building after the earthquake
News CatastrophesClaimsClimate ChangeInsuranceLegislation / RegulationRisk

NatCats increasingly a factor in why insurers fail

October 17, 2023 by David Gambrill

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

Aerial shot of Miami South Beach full of hotels with some long shadows reaching into the sea. Florida, USA.
News CatastrophesClaimsClimate ChangeConstructionInsurance

Climate change not the leading cause of NatCat losses: Verisk

September 15, 2023 by David Gambrill

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

Person running away from a tidal wave or tsunami
News CatastrophesClaimsClimate ChangeInsurance

Can insurers and reinsurers survive looming NatCat trends?

July 21, 2023 Glenn McGillivray

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

Thermometer in the sky, the heat
News Climate ChangeInsuranceLegislation / Regulation

OSFI calls for detailed reporting of insurers’ climate risks

July 12, 2023 by David Gambrill

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

Economic and geopolitical risks have insurers walking a tightrope in 2023
News BrokersClimate ChangeCommercial LinesInsuranceRisk

Despite easing inflation, P&C insurers face challenges

June 27, 2023 Philip Porado

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

Torrential rain causing flood.
News AnnouncementsCatastrophesClaimsClimate ChangeCommercial LinesConstructionInsuranceMarkets / CoveragesRisk

Aviva Canada now offers parametric solution for severe rain

March 8, 2023 by David Gambrill

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

Power lines in Ottawa knocked out by the May 22 derecho storm
News BrokersClaimsClimate ChangeCommercial LinesInsuranceRisk

Where 2022 tallies for insured damages in Canada

January 18, 2023 Canadian Underwriter Staff

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

A lake in the shape of the world's continents in the middle of untouched nature.
News CatastrophesClimate ChangeInsuranceRisk

How the P&C industry responded to Canada’s National Adaptation Strategy

November 24, 2022 by David Gambrill

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

Heavy rain in Halifax ahead of Hurricane Fiona's landfall
News ClaimsClimate ChangeInsurance

Hurricane risk: What the future holds for Canada

September 23, 2022 by Jason Contant

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

Arrival of a strong storm with lightning and rain. These weather conditions are typical of the Brazilian summer.
News Climate ChangeInsuranceLegislation / Regulation

Global climate disclosure standards will take time and money, P&C industry warned

September 22, 2022 by David Gambrill

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