Why Co-operators posted an underwriting loss in 2023
Co-operators General Insurance Company reported an annual underwriting loss of $184 million in 2023. This figure, which excludes discounting and risk adjustment, accounts for “a decline of $356.2...
View ArticleInaccurate data on forest fuels may stoke B.C. wildfires, study finds
Wildfire fighting and forest management decisions are potentially being hampered by inaccurate government data that misrepresents forest fuel loads in British Columbia’s Interior, a new study has...
View ArticleHow clients can be motivated on climate action
Measures to help mitigate climate change are a known commodity, it’s just a matter of motivating the public, government and regulators to take action, speakers suggested Monday at an industry event....
View ArticleHow home insurance premiums are trending
Canadian home insurance policyholders should brace for price increases this year following a nearly 8% year-over-year increase since the beginning of the year, according to internal data from rate...
View ArticleHow Aviva Canada fared in 2023
Aviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased...
View Article‘Clean slate’ to reshape B.C. wine industry, after climate-related catastrophes
The heart of British Columbia’s wine industry is reeling after suffering a litany of climate-related hits, resulting in two years of crop losses in the southern Interior. Record-breaking heat....
View ArticleWhat Western Canada’s deep freeze cost insurers
Canada’s property and casualty insurers rang in 2024 by paying out $180 million to repair damage caused by Western Canada’s deep freeze in mid-January. Insurance Bureau of Canada (IBC) released the...
View ArticleFederal disaster aid for Fraser Valley floods, landslides taking too long:...
The federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in...
View ArticleNight once brought firefighting reprieve, but no longer, Canadian study shows
BRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The...
View ArticleB.C. orchards and vineyards to get $70M to replant after disastrous weather
BRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby....
View ArticleQuebec lender ending new mortgages in flood zones. Is insurance next?
QUEBEC — Nearly five years after floods raced through hundreds of Quebec communities and forced thousands from their homes, a major lender’s decision to stop issuing new mortgages in flood zones is the...
View ArticleHow winter storms tally this year compared to last
Maritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February. The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S....
View ArticleWhat claims adjusters earn in Canada
Editor’s Note: This article has been updated to clarify the different ways in which adjusters in Canada earn compensation. In-field adjusters are making slightly more than their desk adjuster and...
View ArticleOSFI responds to industry’s concerns re: climate risk reporting
Canada’s solvency regulator has tweaked its climate risk reporting guidelines in response to input from the property and casualty insurance industry. In several ways, OSFI has responded positively to...
View ArticleHow Canada’s winter weather predicts 2024 Cat claims
This winter clocked in as Canada’s warmest winter ever, and adjusters are already sounding the alarm that a winter with no or little snow could mean more wildfire claims over the rest of the year....
View ArticleThree necessities for Canada’s national flood insurance program
Canada’s upcoming national flood insurance program needs to specify exclusions, phase in risk-based premiums, and provide incentives for flood resilience measures, the Canadian Climate Institute (CCI)...
View ArticleB.C.’s plan for flood mapping and building back better
A new report by the Government of British Columbia details its commitment to developing a provincially coordinated floodplain mapping program, and sheds light on how and where it intends to rebuild...
View ArticleDriven by wildfire smoke, Canada’s air quality worse than U.S. in 2023
Canada’s air pollution levels last year were worse than those in the United States for the first time since an air-quality firm started publishing its assessments in 2018. The sixth World Air Quality...
View ArticleWhat’s new in restoration and adjuster national licensing?
The trend of insurers owning restoration firms and third-party vendors may not continue, particularly since controlling costs remains a priority for carriers, sources tell Canadian Underwriter. It...
View ArticleB.C. to get wildfire training and education centre in response to expert task...
British Columbia’s premier says a training and education centre for wildfire fighters will be established in response to recommendations by a task force that looked into last year’s catastrophic...
View ArticleWhy climate change on the farm equates to a big bill
To get an idea of the financial toll extreme weather is taking on this country’s agriculture industry, look no further than the government of Saskatchewan’s books. The prairie province had forecast a...
View ArticleWhy this MGA is betting on carbon insurance
Specialist insurance provider CFC has entered the voluntary carbon market (VCM) with the launch of a carbon delivery insurance product that safeguards the purchase of carbon credits. VCMs are...
View ArticleDrought, heat raise risk of repeat of last summer’s record-breaking wildfires
Persistent drought and months of above-average temperatures have raised the risk of a repeat of last year’s record-breaking wildfires. Federal officials say conditions are already ripe for an early and...
View ArticleBefore likely ‘ferocious’ wildfire season, fire chiefs worry about drop in...
As Canada looks ahead to what experts fear could be another devastating wildfire season, fire chiefs say they are worried about the dwindling number of volunteers available to combat the rising threat....
View ArticleWildfire clean-up continues in Enterprise, NWT
Enterprise’s 2024 spring carnival was a sorely needed opportunity for celebration in a community that has been through more than most over the last few months. “It was just great fun,” said Sandra...
View ArticleWhy ICLR is heading West
As part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space...
View ArticleFlood and fire preparedness measures underway in N.W.T. town
The Town of Hay River has been through a lot over the last couple of years, having first contended with serious flooding in 2022 and then devastating wildfires in 2023. With the memories of those...
View ArticleAre underwriters pricing for new tech in homes?
Globally, the property and casualty insurance industry may be underestimating the vulnerability of property that uses technology to adapt to climate change, a speaker told attendees at the 38th Swiss...
View ArticleInsurers to discuss ‘Plan B’ for federal earthquake insurance backstop
Canada’s property and casualty insurers are starting to discuss a ‘Plan B’ for an earthquake backstop, given the federal government’s slow progress on establishing a national flood insurance program....
View ArticleIs Fort McMurray still insurable?
Editor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance...
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