News & Updates
Alberta Condominium Insurance Update & Survey
As we are all aware, Alberta condominiums are continuing to struggle with insurance increases.
The insurance industry and government have been made aware of the problem. Last week, in an effort to address the problem, the Insurance Bureau of Canada held a full day stakeholders roundtable in Edmonton. This was the first of five (5) cities where meetings will be held. Vancouver, Halifax, Toronto and Montreal will be visited over the coming months. Representatives from CCI South (Dionne Levesque and Tony Reed), CCI North (Alan Whyte) and CCI National were all at the table.
Primary takeaways from the meetings were as follows:
- Wide Spread Increases Insurance rates have increased across the board in Alberta condos with the average increase failing in the 15% to 40% range. Other provinces are experiencing the same problems
- Capacity Deficit There is not enough capacity in the market in the sense that there are not enough insurers willing to provide multi-family insurance to condominiums
- Education and Transparency Board members need more education and transparency to determine what key factors affect premiums and how corporations can mitigate losses
- Risk Manager IBC has appointed a risk manager for Alberta who will be dedicated to assisting condominium finds insurance in circumstances where they are unable to get coverage
- Lack of Data There is a lack of industry information available on how prevalent this situation is and whether or not there are common identifying factors which could be used to find solutions.
As the current insurance situation affects so many condominium corporations and owners, and as there is currently a lack of data, we are asking you to complete the Alberta Condominium Insurance Survey. We want your help to assist us in collecting relevant information that we can gather and present to both the government and IBC. Please contact your broker to request your 5-year claims history in advance so you can complete all aspects of the survey accordingly.
Please contact us if you are experiencing difficulty in obtaining insurance. There are several resources that we can point you to.