Reinsurance News
Canada
Reinsurers may re-evaluate Canadian exposure amid rising wildfire losses: Morningstar DBRS
10th June 2025
With Canada’s 2025 wildfire season poised to become one of the most destructive on record following a historically damaging 2024, reinsurers are likely to re-evaluate their Canadian exposure, according to a recent report by Morningstar DBRS. As of June 2025, Canada’s wildfire season is once again testing the resilience of the ... Read the full article
CatIQ estimates CAD 991m in insured damage from Toronto/Ontario July flash flooding
17th January 2025
Catastrophe Indices and Quantification Inc. (CatIQ) has disclosed its latest industry loss estimate for the flash flooding in southern Ontario between July 15-16, 2024, estimating CAD 991 million in insured damage. During July 15-16, 2024, southern Ontario and Toronto, experienced severe flash flooding due to heavy rainfall exceeding 120mm in some ... Read the full article
Insurers call on Canada’s federal government to move forward with national flood insurance program: IBC
19th November 2024
October storms in Southern British Columbia, Canada, resulted in over $110 million in insured damages, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). In response to these escalating costs, insurers urge the federal government to move forward with the implementation of a National Flood Insurance Program to better ... Read the full article
AM Best’s outlook on Canada’s P&C segment remains stable despite C$3.1bn cat losses in 2023
24th October 2024
Global credit ratings agency AM Best is maintaining its stable outlook on Canada's property & casualty (P&C) industry, amid significant challenges from catastrophic events in 2023 and this year. The rating agency noted that the stable outlook was driven by a number of factors, including the sector's solid risk-adjusted capitalisation levels, ... Read the full article
Canada’s economy continues to grow, but challenges still remain, AM Best
23rd October 2024
Canada's economy continues to see notable growth supported by a still favorable labor market, rising asset prices and falling inflation, according to global credit ratings agency AM Best. However, the agency notes that population growth has started to outpace job creation, which has resulted in wage growth slowing and the unemployment ... Read the full article
Robert Paxton named Managing Director of Charles Taylor’s Canadian operations
7th October 2024
Charles Taylor, an independent global provider of claims solutions, has announced the appointment of Robert Paxton as Managing Director of its Canadian operations, effective October 1, 2024. In this role, Paxton will lead the company's efforts to provide high-quality, client-focused solutions across Canada. Paxton will also maintain his current position as Global ... Read the full article
IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+
25th September 2024
Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article
Guy Carpenter appoints Heather Legg as Managing Director of Canadian broking team
17th September 2024
Guy Carpenter, the reinsurance broking division of Marsh McLennan, has announced the appointment of Heather Legg as Managing Director (MD) of its Canadian broking team. In her new role, Legg will be based in the firm's Toronto, Canada office. In a recent post, Guy Carpenter stated, “Heather’s extensive experience in reinsurance underwriting ... Read the full article
SCOR appoints Robert MacKenzie as Head of L&H Canada
13th September 2024
French reinsurer SCOR has announced the appointment of Robert MacKenzie as Head of Life and Health (L&H) Canada, succeeding François Bernard, who is leaving to pursue other opportunities. MacKenzie is well-prepared for the role, bringing strong technical expertise and deep knowledge of the Canadian L&H market. He has been with SCOR for ... Read the full article
PURE expands to Canada offering coverage for high-net-worth homeowners
12th September 2024
PURE Insurance, a US-based property and casualty insurer, is expanding into Canada with a new office in Toronto that will begin offering its unique reciprocal model to high-net-worth homeowners in Ontario. PURE will provide coverage for affluent homeowners with properties valued at over $2 million. This expansion gives insurance brokers and affluent ... Read the full article
Calgary hailstorm, 2nd costliest event in Canadian history causes insured losses of $2.8bn
12th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the Calgary hailstorm during early August has resulted in nearly $2.8 billion in insured losses, making it the second-costliest event in Canada's history, following the 2016 Fort McMurray wildfire. On August 5th, 2024, severe thunderstorms developed over southern Alberta and ... Read the full article
Berkshire (BHSI) announces key leadership changes in Canada
11th September 2024
Berkshire Hathaway Specialty Insurance (BHSI), a division of Berkshire Hathaway, specialising in providing a range of insurance and reinsurance products, has announced the appointment of Andrew Knight as Country Manager, Amanda Sorsak as Head of Claims, and Paul Emerson as Head of Customer & Broker Engagement for its operations in ... Read the full article
Toronto/Ontario flash flooding drives $940m in insured damage: CatIQ
20th August 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding in Toronto and other parts of southern Ontario between July 15-16, 2024, is estimated to have caused over $940 million in insured damage. Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC), commented, “The insurance ... Read the full article
Fathom & Aon’s Impact Forecasting to support Canada’s understanding of flood hazard
13th August 2024
Fathom, the flood risk intelligence organisation, part of reinsurance giant Swiss Re, and catastrophe model developer Aon's Impact Forecasting, have been granted a contract by Public Safety Canada, to enhance its understanding of flood hazard across Canada. This comes just a month after Toronto suffered significant damage and disruption from ... Read the full article
Up to 50% of structures may have been destroyed in Jasper from wildfires: officials say
26th July 2024
Alberta Premier Danielle Smith has revealed that potentially 30-50% of buildings have been destroyed in Jasper, Alberta following a series of fast-moving wildfires. Around 25,000 people have reportedly been evacuated from Alberta province, while the town of Jasper and adjacent National Park have been closed until further notice. Smith added, "For many ... Read the full article
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