CCIR reviewing disaster insurance and travel insurance
The Canadian Council of Insurance Regulators (CCIR) has issued a consultation paper on Natural Catastrophes and Personal Property Insurance.
The working group will review the impact of natural disasters (flood, forest fire, earthquake) on the Canadian personal property insurance marketplace; the availability and accessibility of coverage for these perils, and the level of consumer understanding of their risks and of the products available for transfer of those risks.
The CCIR’s decision to review this topic is driven by concerns that consumers may not be sufficiently aware of the risks posed by natural catastrophes and of the consequences of inadequate insurance that may result from lack of availability, affordability or awareness, or some other reason.
At the same time the CCIR also released an issues paper on travel health insurance products.
The umbrella organization for provincial insurance regulators is seeking public comment on both of these papers by Sept. 30. Download the documents at www.ccir-ccrra.org.