“For some Canadians, particularly those who live near floodplains or the coast, adequate home insurance may become too cost-prohibitive or simply unavailable.”
“Insurance is designed to treat accidents. When risk is predictable and no longer accidental, i.e., you’re living in a high risk area that we know is going to flood … it makes insurance either very expensive, or unavailable at all”
“Canadians love to live on water. And so and insurance can’t possibly move everybody that lives on floodplains or on the coast. That’s just not going to happen. So we need another solution.
“because of all of these events that we’ve been experiencing in Canada, reinsurance rates go up. So it’s more expensive for insurers to pass on that risk.”
by Tom Yun, CTV. For full article click here
- Morgan Roberts, Insurance Sales Director, Ratehub.ca
- DBRS Morningstar
- Craig Stewart, VP Federal Affairs, Insurance Bureau of Canada