Drought to Deluge
June 1, 2015 Anya Sri-Skanda-Rajah, Managing Director, GC Analytics, Canada Flood Model Strategic Lead, Guy Carpenter & CompanyBoth data and technology are having an impact on the development of flood insurance products. With recent breakthroughs that advance the ability to perform stochastic modelling, more insurers appear open to writing flood insurance, a move that could help shrink the coverage gap for homeowners.
Marketplace
February 1, 2015 by Canadian UnderwriterTECHNOLOGY Potential economic benefit of driverless cars $65 billion annually Automated vehicles (AVs) – or self-driving cars – could be on Canadian roads between 2020 and 2025, with the economic benefits being more than $65 billion annually, reports the Conference…
The Cat Issue
January 31, 2015 Craig Harris, Freelance Writer|Craig Harris, Freelance WriterEmergent trends in catastrophe management involve the use of location intelligence, satellite imagery and even early experiments with drones. The goal for insurance companies is to gather highly specific information to efficiently dispatch adjusters to target areas hit by natural disasters. However, the 48th annual joint CICMA/CIAA conference held in Toronto February 3 showed that catastrophes often extend to more than “just the weather.” And when it comes to dealing with CATs, attendees learned that the core fundamentals of adjusting haven’t really changed.
Thunderstruck
January 1, 2015 Scott Stransky, Manager and Principal Scientist, AIR WorldwideThe risk to insurers posed by severe thunderstorms in Canada is largely the result of an accumulation of losses from multiple events. Historical data on thunderstorm risk is available, but gaining a clear picture of the peril can be advanced through the use of reanalysis data.
Atlantic Perspective
January 1, 2015 Amanda Dean, Vice President, Atlantic, Insurance Bureau of CanadaProperty damage claims are on the rise in Atlantic Canada. Depending on the specific province, habitational property claims have doubled to quadrupled over the last two decades.
Still Movement
November 1, 2014 Greg Meckbach, Associate Editor; Harmeet Singh, Online Editor; and Angela Stelmakowich, EditorAs always, things are changing on both the insurance and reinsurance fronts. Players in the Canadian market need to consider conditions at home and abroad to get a complete picture of things that remain the same and those poised to change.
Welcome Respite
September 1, 2014 Ted Gregory, Operations Manager, Property Claims Services, a unit of Verisk Analytics Inc.Canadian property & casualty insurers suffered $652 million in losses from catastrophes during the first eight months of 2014, while annual losses from 2009 through 2012 averaged $1.12 billion per year. A calm year provides an opportunity to prepare for an active one.
Lessons from a Disaster Zone
August 1, 2014 Alex Vinden, Associate, Giffin KoerthLessons learned on the ground from the EF2-rated tornado that touched down in Essa Township June 17 could prove of value to communities, responding agencies and insurers in future disasters.
Tornado Damage
July 31, 2014 byThe Angus, Ontario tornado showed some deficiencies in construction methods – some of which can be fixed cheaply.
Tornado causes $30 million in damages in Angus, Ontario
July 31, 2014 byInsured damage from the tornado that hit Angus, Ont. in late June is at least $30 million, according to the Insurance Bureau of Canada based on preliminary figures from Property Claim Services (PCS). More than 100 homes were damaged from…
Plotting Strategy
July 1, 2014 Steve Sigal, Vice President of Product Management, DMTI SpatialWith climate change making weather patterns less predictable and severe weather becoming more frequent, access to real-time flood information offers property and casualty insurers a way to conduct thorough risk analyses and determine long-term strategies.
Caught in the Vortex
July 1, 2014 Greg Meckbach, Associate EditorTwo separate tornadoes that touched down in southern Ontario this June are not expected to trigger reinsurance. And although the “jury is still out” on whether or not twisters are becoming more intense, the economic losses from convective storms are clearly on the rise.