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Canadian insurance market sees 12 per cent rise in insured flood risks

By Kate McCaffery | June 28, 2024, 10:50 a.m.

Photo: Unsplash | Wes Warren

CatIQ has released its annual update of the Canadian insurance Industry Exposure Database.

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CATASTROPHE INDICES AND QUANTIFICATION INC. (CATIQ)

Deep freeze caused $180 million in insured damage across three provinces

Climatic events weighed on insurers’ results in 2023

Annual review shows year of record-breaking heat, rainfall and wildfires

Northern Canadian fires cause more than $60-million in damages

Special risks

Family incomes down in 2022

Multiple factors driving demand for cyber insurance

Reinsurer evaluates macroeconomic outlook for real estate investments

Reinsurer urges industry to learn from COVID-19 example

Climate changes

Nearly two out of three Canadians are exposed to a traumatic event in their lives

Extreme heat has significant impacts on mortality

Electrifying all building heat the most cost-effective path to net zero

Emerging risks: 16 potential threats to the industry

Analytic

Always Start with Wants

May a month of mixed results for pension plans

Reinsurer urges insurers to consider the needs of ultra-high-net-worth clients

Alberta rate filing pause fails to reduce insurance premiums

Indemnisation

Insurance Bureau of Canada launches tool to help insurers and brokers provide quotes

Sustainable claims processes save cooperative millions

Auto theft claims exceed $1-billion in Ontario alone

Car theft claims costs increase 254 per cent in five years

Damages

Natural catastrophe losses globally exceed $43-billion

National Flood Insurance Program promised again in budget

Commercial truck driver training lacking

Most Canadian homeowners do not carry sufficient coverage