Insurance costs rising as ‘catastrophic events’ become the norm
“Premiums in Canada have been increasing for some time already,” said Marcos Alvarez, global head of insurance at DBRS Morningstar.
According to the Insurance Bureau of Canada’s annual report, severe weather caused $3.1 billion in insured damage in 2022, up from $2.1 billion in 2021, and the third worst year in Canadian history. The Fort McMurray fire put 2016 in the highest spot at almost $6 billion.
But it’s unlikely Canada will see an insurer make the same move as State Farm any time soon, said Alvarez. For one, home insurance prices in California are regulated, meaning insurers have limits on how much they can charge, while in Canada insurers don’t have the same barriers.
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