Canada

Intact Financial estimated third-quarter 2026 catastrophe losses of about C$660 million ($2.76 per diluted share) and Definity about C$190 million ($1.15 per share), together roughly C$850 million, driven by Ontario and Alberta flooding and British Columbia wildfires, lifting Intact's trailing 12-month losses to C$1.29 billion against C$1.20 billion of annual guidance.

CatIQ's third estimate puts insured losses from the June 9-10 Prairie storms at $923 million, up from $728 million initially, driven latterly by commercial property; Manitoba Public Insurance received a record 29,195 hail claims.

Canada's banking and insurance supervisor said its final Capital Adequacy Requirements guideline takes effect November 1, 2026, its mortgage insurer capital test (MICAT 2027) on January 1, 2027, and that insurance regulatory returns are being updated for IFRS 18, with the first final returns due January 1, 2027.

Intact estimates about $660 million of pre-tax catastrophe losses for July to September and Definity about $190 million, driven by the June 30 to July 3 Ontario and Quebec floods, British Columbia wildfires and a September storm; both report full results in the coming weeks.

Public-sector and education job losses, a sharp fall for young workers and the lowest participation rate in 29 years outside the pandemic left markets cutting bets on a rate rise, even as inflation runs near 3%.

Since July 1, several accident benefits are optional in Ontario, and estimates put the saving from declining them all at roughly 5% of an average premium, while victims' advocates say the choice mainly helps insurers.

The first industry estimate for the September 2-3 hail, wind and flood outbreak is well below some early guesses, but it follows a Canadian catastrophe season that pushed Intact and Definity to roughly C$850 million in third-quarter losses.

Equifax data show serious mortgage delinquencies rising from a low base and insolvencies at their highest since 2009, while the Bank of Canada held its rate at 2.25% on September 2 and said it is prepared to adjust policy as needed.

OSFI's regulatory notice, dated July 20, 2026 and effective immediately, treats natural catastrophe bonds as unregistered reinsurance with no margin requirement for federally regulated property and casualty insurers, provided the bond has an indemnity trigger, Canadian-held high-quality collateral and OSFI's prior approval.

OSFI's Annual Risk Outlook for 2026-27, released on April 14, 2026, names real estate secured lending, non-bank financial institution risk (reintroduced) and liquidity and funding risk as its priorities, and sets targeted plans for insurers covering private credit, cyber, AI in underwriting, claims inflation and catastrophe resilience.

Announced on June 18, 2026, the add-on pays $100 per covered rainy day by Interac e-Transfer within two business days when rainfall at the destination passes the contract's threshold, with no claim to file; it must be bought at least 14 days before departure.

A CBC report of June 8, 2026 says insurers increasingly assess wildfire risk property by property with satellite imagery and laser scanning, rewarding FireSmart measures; one Nova Scotia owner who rebuilt saw her premium fall about 12%.

From July 1, 2026, most Ontario accident benefits become optional for all customers; FSRA's guidance says medical, rehabilitation and attendant care stay mandatory, existing policies renew unchanged until customers agree in writing.

Bloomberg reported on April 14, 2026 that Canadian insurers are pressing homeowners to fireproof and floodproof their homes and urging Ottawa to update building codes, as premiums rose about 6% last year and 2024 claims hit a record C$9.4 billion.