Some tourism and hospitality operators in B.C. are struggling to get insurance at all because the risks to their businesses are too high.
Most companies that sell property insurance in Canada turn around and transfer some of the risk associated with their policies to global companies called reinsurers. So when you make a claim to your local insurance agent, that company will in turn cover some of its expenses by buying insurance from a big global backer.
The bureau said severe weather caused about $3.1 billion in insured damage in Canada last year, the third-worst year on record. And there was no single major event — like the Fort McMurray wildfire in 2016 — accounting for a majority of the costs. Some major insurance companies have withdrawn from California and Florida completely in the last 18 months. Farmers Insurance stopped selling home and auto insurance in Florida in July, and State Farm did the same in California in May. In California, it’s the high risk of wildfires, and in Florida, hurricanes, driving the companies out.Article content
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