Canadian Underwriter


A temporary dike in Abbotsford following flooding in B.C.
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B.C. budget includes $2.1B in disaster relief

February 23, 2022 Dirk Meissner - THE CANADIAN PRESS

VICTORIA – British Columbia has earmarked $2.1 billion to fund disaster recovery efforts and future response to the threats posed by wildfires, floods and heat waves in a budget that forecasts a $5.5-billion deficit. Finance Minister Selina Robinson said Tuesday

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Study suggests climate change made B.C. floods at least twice as likely

February 16, 2022 Bob Weber - THE CANADIAN PRESS

Catastrophic floods that swamped much of southern British Columbia last fall were at least twice as likely because of climate change, suggests new research from Environment Canada. The study, now undergoing peer review, concludes that the likelihood of similar events

Satellite orbiting the earth
News Insurance

New collaboration uses satellite data to develop new insurance products

February 9, 2022 by Jason Contant

Tokio Marine Holdings and ICEYE, a radar data provider and expert in NatCat solutions, have announced a commercial collaboration to develop new insurance products and services that utilize satellite data. ICEYE says Tokio Marine (whose Canadian branch has underwriting offices

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Expert panel says Canada needs to ‘up its game’ on climate data to better adapt

January 13, 2022 Mia Rabson - THE CANADIAN PRESS

OTTAWA – A new report suggests Canada is not doing enough to adapt to and prevent the effects of climate change and is lacking the critical data it needs to do so.   “I mean, 2021 has really now been a

News Insurance

Climate change expected to push up payouts

December 13, 2021 Philip Porado

It’s likely Canada’s not fully prepared for flood risks faces today, let alone for what climate change could bring, Judith Ellison, catastrophe modelling manager at JBA Risk Management told a Dec. 2 CatIQ Connect Quarterly session. She noted many properties

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Southwestern N.L. mayor says climate change talks needed after another dump of rain

November 30, 2021 The Canadian Press

CHANNEL-PORT AUX BASQUES, N.L. – The mayor of a small town on the southwestern tip of Newfoundland says it’s time to have serious conversations about the impact of changing weather on communities like his, after another night of heavy rain.

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How much Intact has improved its personal property loss ratio

November 15, 2021 by Greg Meckbach

As home insurance prices continue to climb, Intact Financial Corp. reported an underwriting profit in personal property in the latest quarter, despite higher-than-normal weather catastrophe losses. The personal property line “should operate” with combined ratios below 95% “even with severe

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How much are reinsurers underestimating climate change risk?

October 18, 2021 by Jason Contant

Global reinsurers could be underestimating climate change exposure by up to 50%, according to a recent analysis by S&P Global Ratings.  “Our scenario analysis suggests that reinsurers’ estimates of their exposure to natural catastrophe risk — and therefore physical climate

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Canada leads world with pledge to curb methane leaks from oil and gas sector

October 15, 2021 Mia Rabson - THE CANADIAN PRESS

OTTAWA – Canada is nearly doubling its target to cut methane emissions from the oil and gas sector as it prepares to sign a new global pledge at next month’s climate talks in Scotland. The colourless and odourless gas amounts

BC Place
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Montreal-made website uses AI to show impacts of climate change on any address

October 14, 2021 Tara Deschamps - THE CANADIAN PRESS

TORONTO – Imagine Parliament Hill blanketed in orange skies, floodwaters climbing the sides of BC Place stadium or a thick layer of smog fogging the view of Halifax from Citadel Hill. These are all scenes depicted on a website published

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How insurers plan to advocate for climate adaptation in federal election

August 17, 2021 by Greg Meckbach

Adapting properties and communities to be more resilient to climate-related disasters should be a federal election issue, an Insurance Bureau of Canada official told Canadian Underwriter Monday. “We will be very active throughout the federal election in advocating for adaptation

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How P&C insurers are using their muscle to reduce carbon

June 2, 2021 by David Gambrill

Global P&C insurers are not only setting ambitious carbon reduction targets for themselves, but they are also using their investment clout to restrict cover for high polluters in the oil and gas sectors, a commentary released by DBRS Morningstar Wednesday