Staff are continuously engaging with members and industry partners on identifying advocacy options to undertake to reduce the cost of rising condominium insurance. This growing issue is complex and is contributed to a combination of frequent extreme weather events, the severity of condominium property claims and increasing property values. As a result, Canadian property and casualty insurers are seeing their return on equity and return on investment drop dramatically in recent years causing companies to re-evaluate their level of risk or exiting the marketplace altogether.
BILD Alberta is drafting an advocacy plan to engage with multiple Ministries within the Government of Alberta and local municipalities in Alberta. A detailed overview of the issue can be found here.
CHBA National remains involved on this issue and is actively working with insurers and other experts to create decision-making tools to construct more resilient buildings that are less susceptible to natural disasters and costly claims. For more information click here