No simple solutions to skyrocketing condo insurance costs, report finds
A Crown corporation that regulates British Columbia s private-sector insurance companies says an average 40 per cent increase in condo insurance premiums resulted from various factors, including risks that insurers face from earthquakes, wildfires and flooding.
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The Canadian Press ·
Posted: Dec 18, 2020 3:15 PM PT | Last Updated: December 18, 2020
A final report from B.C. s Financial Services Authority suggests there is no end in sight to skyrocketing insurance prices for condos. (Maggie MacPherson/CBC)
Camille Bains
Image Credit: THE CANADIAN PRESS/Darryl Dyck December 18, 2020 - 7:00 PM VANCOUVER - A Crown corporation that regulates British Columbia s private-sector insurance companies says an average 40 per cent increase in condo insurance premiums resulted from various factors including risks that insurers face from earthquakes, wildfires and flooding. The BC Financial Services Authority said in a report Friday that risks related to catastrophic events, some involving climate change, have put additional pressure on insurance companies profitability, impacting premiums and deductibles in parts of Canada and globally. However, it said in a final report that the issues involved are complex and there are no simple solutions, so consumers should not expect short- or medium-term relief from further price increases.
No easy solutions to complex problem of high condo insurance premiums: B C report alaskahighwaynews.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from alaskahighwaynews.ca Daily Mail and Mail on Sunday newspapers.
VANCOUVER A Crown corporation that regulates British Columbia s private-sector insurance companies says an average 40 per cent increase in condo insurance premiums resulted from various factors including risks that insurers face from earthquakes and flooding. The BC Financial Services Authority says risks related to catastrophic events, some involving climate change, have put additional pressure on insurance companies profitability, impacting premiums and deductibles in parts of Canada and globally. However, it says in a final report that the issues involved are complex and there are no simple solutions, so consumers should not expect short- or medium-term relief from further price increases.
No easy solutions to complex problem of high condo insurance premiums: B C report - BC News castanet.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from castanet.net Daily Mail and Mail on Sunday newspapers.