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…
Natural catastrophes can affect businesses of any size, and parametric insurance can provide solutions for small accounts, too — not just large ones, panellists said at a Canadian Underwriter webinar on Wednesday. Parametric insurance is a type of index-based insurance…
Urbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at last week’s CatIQ Connect conference. “Urbanization means that we…
We can’t say for sure that climate change has caused the heavy rainfall and severe floods and landslides currently affecting British Columbia, but global warming is making disasters like this more likely, a Swiss Re speaker suggested Thursday. “Warmer air…
As the world economy steadily recovers from the COVID-19 pandemic, Swiss Re forecasts that global insurance premiums will reach a never-before-seen U.S.$7 trillion by the end of 2022. According to the global reinsurer’s recent World Insurance Sigma report, the pandemic…
Canada could see heightened hurricane risk in the future, as climate change and fluctuations in ocean temperature are increasing the likelihood of stronger hurricanes making landfall further north, according to Swiss Re. “We see an increased likelihood of intense hurricanes…
Canadian consumers are still foggy about the purpose and content of their home, auto and business insurance, and the onus is on the industry to help them understand, a pair of industry executives said during a recent webinar. Discussions with…
The COVID-19 pandemic made it difficult at times for insurers to work through natural catastrophes, said a Wawanesa executive during a recent web conference. But they’ve learned a few lessons because of it. As Cats stormed through Alberta to the…
Agis Kitsikis has been appointed as Swiss Re’s new head of P&C client markets for Canada and the English Caribbean, effective immediately. He succeeds Stefan Behr, who recently accepted the position as Swiss Re’s head of business development for Europe,…
There is growing awareness that governments can transfer the financial risk of natural disasters to both insurance and capital markets, a Swiss Re expert observes. In Asia, Africa, the United States and Britain, there are examples of national and sub-national…
Some properties affected by the current flooding in Fort McMurray, Alberta, were also affected by the massive wildfire in 2016 but despite the multiple tragedies, the properties are still considered insurable. “Property in the town of Fort McMurray, Alberta is…
The clock is ticking on taking action when it comes to creating more climate-resilient homes, neighbourhoods and cities, a panel warned at a recent conference. When asked by moderator Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction,…