Is All This Crazy Weather Going to Impact My Insurance Premiums?
We have all been watching the devastation of Hurricane Sandy as it clobbers the Eastern Seaboard. While looking at images of destroyed homes and damaged property, one can’t help but think about how common these stories have become in recent years. Whether it’s massive droughts, heat waves, hurricanes, tornadoes, hail storms or ragingwildfires, extreme weather is here to stay.
Year after year, insurance companies are paying out record amounts for catastrophic weather losses. Now that insurance companies have realized that wild weather is the new normal, changes are being made throughout the entire industry. The insurance experts agree: premiums are increasing and this includes the Canadian industry too.
You can read more about extreme weather and how it will impact premiums in Alberta by reading Cam Clay’s article on Climate Change and Your Insurance Premiums in our Research Centre. Cam is the President ofAlpine Insurance & Financial Inc. in Alberta.
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