Reinsurance News
Canada
Summer storms across Alberta & Prairies cause over $300m in insured losses
22nd September 2023
A series of devastating storms that struck Alberta and the Prairies across the summer has resulted in over $300 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG. Of the more than $300 million in insured losses, over $90 ... Read the full article
Losses from Canada wildfires could reach into the billions: Aon
29th August 2023
Losses from the ongoing wildfire season across Canada could reach into the billions of USD, according to a new report from Aon. As per Aon's weekly cat report released on August 25, more than 1,000 fires were burning in Canada across several provinces and territories. "Over the past week, parts of the ... Read the full article
Canada wildfire insured losses in Q3 could reach $1.5bn: DBRS Morningstar
24th August 2023
DBRS Morningstar estimates that the Canadian wildfire-related insured losses in Q3 will amount to between $700 million and $1.5 billion, but remain manageable for insurers, constituting an earnings event. DBRS said that wildfires have been particularly widespread this year, affecting most Canadian provinces and burning through 14 million hectares of land, ... Read the full article
Tantallon wildfire in Nova Scotia causes over $165m in insured damage
6th July 2023
The devastating wildfire that ravaged Tantallon, Nova Scotia, from May 28 to June 4, 2023, has resulted in initial estimates of over $165 million in insured damage, according to Catastrophe Indices and Quantification Inc. The majority of claims, approximately 90%, were related to personal property losses, highlighting the financial vulnerability of ... Read the full article
Average rate increases in Canada up yoy, but pace of increase is slowing: Applied Systems
12th June 2023
New data from Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased year over year in Canada during the first quarter of 2023. According to the data, quarter over quarter, premium rate change decreased for both Personal Auto and Personal Property compared to Q422. Analysts reported ... Read the full article
Canadian P&C insurers will be able to manage wildfire-insured losses: DBRS Morningstar
9th June 2023
Wildfire-insured losses will remain manageable for Canadian property and casualty (P&C) insurers but will add to extreme-weather concerns as they have been exposed to larger and more frequent weather-related losses, according to DBRS Morningstar. “Although Canadian P&C insurers’ results are likely to come under pressure during Q2 and Q3 2023, as ... Read the full article
Canadian insurance market continues to show “steady growth”: CatIQ
26th May 2023
Catastrophe Indices & Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, has released the annual update of its Canadian insurance Industry Exposure Database (IED). According to the latest IED update, the Canadian insurance market continues to show “steady growth” for personal lines specialty perils cover in the 2022 year-end dataset. Since ... Read the full article
Sompo International opens first Canadian office led by Rohan Dixon
23rd May 2023
Sompo International has announced the opening of its first Canadian branch in Toronto, with Rohan Dixon serving as President and Chief Executive Officer, Commercial P&C Insurance, Canada. Dixon holds over two and a half decades of industry experience and joins Sompo International from AON plc, where he most recently served as ... Read the full article
Commercial rates slow across Canada in Q4: Applied Systems
17th April 2023
New data from Applied Systems shows that the overall magnitude of commercial lines premium rate movements slowed in Canada during the fourth quarter of last year. Analysts report that rate increases decelerated across all lines relative to average premium renewals in the same quarter in the previous year, at 8.58% in ... Read the full article
Canadian personal auto & property rates up through Q4
10th March 2023
The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the fourth quarter of 2022. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared ... Read the full article
Aviva Canada announces new parametric insurance coverage
8th March 2023
Property and casualty insurer Aviva Canada, with support of insuretech CelsiusPro, is now offering parametric excess rain coverage to help its clients better cope with climate change. The new offering will use CelsiusPro’s White Label Platform (WLP) solution, which according to the insurtech, has demonstrated that it is uniquely capable of ... Read the full article
Alesco DA triple hire to drive expansion of Canadian business
24th February 2023
Alesco Delegated Authority (Alesco DA), a specialist binding authority broker, has launched a dedicated Canadian delegated authorities unit with a triple hire of market specialists. The broker hired Tom Bassett and Alan Daly as Executive Directors and Will Howard-Smith as Associate Director to drive the expansion of Alesco DA’s Canadian business, ... Read the full article
Aon launches earthquake model for Canada through collaboration with GEM
23rd February 2023
Global professional services firm Aon, has announced the launch of a new probabilistic catastrophe model to quantify loss potential for earthquake risk in Canada. Developed by the broker’s Impact Forecasting team, the model represents the outcome of a collaboration with the Global Earthquake Model (GEM) Foundation, of which Aon recently became ... Read the full article
SSRU renews P&C facilities with improved terms during challenging market
16th February 2023
Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”. The MGA’s property capacity ... Read the full article
Canadian insured losses from cat events total $3.1bn in 2022: CatIQ
19th January 2023
Canada's 2022 catastrophic events have caused insured losses of over CAN $3 billion, a mark that hasn’t been reached since 2016 when a wildfire devastated Fort McMurray, AB, says Catastrophe Indices and Quantification Inc. (CatIQ). There was a total of 15 events which incurred at least $30 million in insured losses ... Read the full article
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