canada

Canadian property and casualty insurer Definity Financial Corporation has utilised the full limit of its aggregate reinsurance cover after losses from multiple catastrophe events in the country, with the wildfires in British Columbia having the largest impact.

According to data from catastrophe loss specialist CatIQ, the 2023 wildfires in British Columbia, Canada have become the 10th largest insurance industry loss event to ever hit the country.

The remarks made by the head of the top financial services and insurance regulator in Canada, which called for insurers to look to catastrophe bonds as an alternative way to access risk transfer and reinsurance capital, have sparked some speculation on when we’ll see a cat bond covering solely Canadian perils.

Six months after we wrote about the start of discussions in Canada on whether catastrophe bonds would be suitable for transferring the risks of earthquakes in the country, the Canadian Underwriter reports that progress on the initiative is about to be made as the Insurance Bureau of Canada has announced their interest and involvement.

A new Swiss Re Economic Research & Consulting report reveals that Canadian pension funds have a significant amount of longevity risk to which they are exposed. Many public and private pension funds are under-reserved for longevity risks and annuity books also have exposure to the risk of scheme members living longer.

Almost exactly a year ago we wrote about a report from MSA Research Inc. and Baron Insurance Services Inc. which looked at the Canadian regulatory environment and asked how it could impact an insurance-linked securities market in Canada. Now, the latest MSA/Baron Outlook report has been published and an article in it makes proposals for […]

The recent earthquakes in New Zealand and Japan have stimulated discussion of the financial exposure to earthquakes in other countries around the world. Canada, not a country you generally associate as at major risk of quake damage, is beginning to see calls for their quake exposure to be measured accurately so that risk management and […]

A new report from MSA Research Inc. and Baron Insurance Services Inc., both based in Canada, looks at the Canadian legal and regulatory environment and asks how that could impact the formation of a market for insurance-linked securities in the country. The MSA/Baron Outlook report is released quarterly and looks at P&C trends in Canada.