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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results. -
The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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The federal flood program expects ultimate losses to reach between $3.5bn and $5.3bn.
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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The government will look to mitigate against future disasters rather than subsidise insurance.
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The losses include damage to homes, businesses, infrastructure, facilities, roadways and vehicles, as well as BI losses.
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Atmospheric rivers are expected to bring further severe weather into next week.
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The settlement is welcome news for the loss-hit downstream market, where there were fears of a claim as high as $1.3bn.
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Natural disasters in North America destroyed assets worth around $150bn, of which roughly $90bn were insured.
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The increase mainly stemmed from an influx of personal property claims.
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The lead claimant on the case, Merx Aviation, has named Chubb as the first defendant.
