HomeInsuranceCan Canada’s P&C industry catch up to NatCats?

Can Canada’s P&C industry catch up to NatCats?

In much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4.

In a normal year, residents would get a breather to start rebuilding. But 2023 proved different. A late-July rainstorm dumped two months’ of rain — between 200 and 250 millimetres — in just 48 hours. The claims poured in. And then, in September, the powerful post-tropical storm remnants of Hurricane Lee, added insult to injury by leaving thousands without power.

Before 2023, heavy rainy seasons would spur residents to think back to 1971’s Hurricane Beth for comparison. No longer. Nova Scotians aren’t even finished sorting the aftermath of 2022’s Hurricane Fiona.

“Everybody’s being really heavily taxed by these events,” said Glenn McGillivray, managing director of the…

Read more at www.canadianunderwriter.ca

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