Over the past few years, extreme weather and natural disasters have significantly increased the volume of property claims. The key reasons for the increasing number of claims include disasters, water damage, and changing climate conditions in Canada.
The insurance industry continues to be impacted by significant increases in the volume of property claims. According to the Insurance Bureau of Canada (IBC), catastrophic events and severe weather in 2011 resulted in almost $1.6 billion in insured losses. The key reasons for the increasing volume of property claims include disasters, water damage, and changing climate conditions in Canada.
Be sure to read our series of blog articles on the factors contributing to rising property insurance rates. We take a closer look at water damage, catastrophic events and their impact, evolving climate conditions in Canada, and changing deductibles.
You can also read weekly updates on BrokerLink’s blog at www.brokerlink.ca/blog.