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Homeowners insurance claims in Canada primarily weather related

Homeowners insurance claims in Canada primarily weather related

Homeowners insurance claims in Canada primarily weather related
News from Live Insurance News:

Board officials considering industry wide changes in that country.

According to the Insurance Board of Canada, recent extreme weather events have caused damage leading to millions of dollars in auto and homeowners insurance claims this summer, alone.

An industry analyst pointed out that this is a significant change in the insurance market.

According to industry relations analyst Pete Karageorgos from the board, the most common homeowners insurance claims used to be related to fire and theft. He explained that “The majority of events back then were fires and theft and nowadays we as an industry are seeing the majority of the claims payouts are related to severe weather and water damage.”

These homeowners insurance claims have been especially high in Ontario.

The board has stated that homeowners insurance companies have already processed hundreds of millions of dollars in claims within that province during the last few months. Though flooding is not covered by the standard policy, damage from falling trees, hail, wind, and blowing water are. Karageorgos pointed out that “We have situations where there are sewer backups occurring in areas, hail damage to vehicles and property, and so it is a challenging situation for everyone.”

This type of change in the types of claims that are being seen are fo…………… continues on Live Insurance News

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