TORONTO, Aug. 9, 2017 /CNW/ - Today the Canadian Council of Insurance Regulators (CCIR) published the results of its analysis of natural catastrophes and personal property insurance in Canada. The Findings Report & Position Paper: Natural Catastrophes and Personal Property Insurance covers a number of critical issues, including risk modelling, risk sharing, coverages that are available for natural catastrophes in Canada and the consumer's awareness of the risks of loss from such events and insurance coverage for them.
The CCIR sought to better understand how the increasing frequency and severity of actual or potential natural catastrophes are affecting the insurance market and consumers. The study looked at policy wordings, the types of coverages that are currently available, the impact natural catastrophes are having on consumer awareness and other changes taking place in the insurance marketplace.
"Natural catastrophes are becoming a more regular part of our lives," Patrick Déry, Chair of the CCIR, explained. "We witnessed the costliest natural catastrophe in Canadian history with the fires in Fort McMurray last year and this spring we saw extensive flooding in a number of regions across the country. And we can only expect losses from natural catastrophes to continue."
The CCIR concluded it study of the issues with a number of general observations as well as expectations specific for the insurance industry. Chief among these is the scope of the issue. "Natural catastrophes affect us all," Mr. Déry stated. "To ensure that we are adequately prepared requires action from multiple stakeholders: all levels of government, regulators, private enterprise, academia, the insurance industry, insurance consumers and home owners."
In particular, Findings Report & Position Paper: Natural Catastrophes and Personal Property Insurance addresses concerns with financial literacy and the lack of understanding of the risks and insurance options for natural catastrophes among consumers. The CCIR expects the insurance industry to do more to increase consumer awareness of the risks and understanding of the insurance coverage they have or is available. In addition, as part of its strategic plan for 2017-2020, the CCIR will engage in efforts to broaden insurance consumers' understanding of the issues related to natural catastrophes.
Further information on the CCIR and its work on natural catastrophes and personal property insurance is available on the CCIR's website (www.ccir-ccrra.org).
About the CCIR:
The Canadian Council of Insurance Regulators is a national association of insurance regulators that traces its roots back to 1914. The mandate of the CCIR is to enhance insurance supervision and regulation to serve the public interest and to foster increased cooperative supervision and information sharing among regulatory authorities.
SOURCE Canadian Council of Insurance Regulators (CCIR)
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