Insurance industry in Canada facing increase in water damage claims

Canada flood insurance industry

A spokesperson from a nationwide group has released a statement on behalf of insurers to encourage people to do their part.

The Insurance Bureau of Canada (IBC), an organization that represents the insurance industry in the country, has made a statement through its Atlantic vice president, Amanda Dean, to help to encourage policyholders to do their part to prevent water damage in an environment that appears to be facing a rapidly growing number of claims.

Severe weather appears to be on the rise and natural disasters are becoming more common as a result.

Therefore, Dean, who has been with the IBC since 2006 has released a statement from the insurance industry to areas that are struggling with these challenges. It encourages policyholders to begin by becoming more familiar with their coverage. This can help to make sure that they won’t face any unpleasant surprises following water damage, at a time when nothing can be done. Instead, it will help them to make the changes to their policies in advance so that they have exactly the coverage that they need, should the worst happen.

Canada flood insurance industryThe statement from the insurance industry was particularly geared toward residents of Prince Edward Island.

She recommended that islanders not only see what their policies provide, but also have a look at what the insurance industry can offer them so that they have the right coverage for their homes, vehicles, and businesses in case of water damage. Equally, though, Dean also pointed out that water related claims are rising steadily across Canada and that everybody should take these same precautions.

Water damage claims, alone, are costing approximately 1.7 billion per year, according to IBC data. Dean explained that “It’s an increasing problem and we’re certainly taking a look at it.” She went on to say that “We only need to look back in the newspaper a couple of weeks to see what happened in Alberta. Certainly, in our own region, hurricane Juan is still close in the memories for many of us.” Hurricane Juan struck the Canadian Maritimes in September 2003 and left massive devastation in its wake.

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