Update on progress
TORONTO, July 4, 2024
/CNW/ - CCIR and CISRO are encouraged to see insurers and
intermediaries' response to the CCIR's Position Paper, Climate
Change, Natural Catastrophes and Consumer Awareness
In 2023, the Canadian Council of Insurance Regulators (CCIR)
released a position paper that focuses on actions the insurance
industry can take to ensure Canadians receive and understand
information about the risk of natural catastrophes to their
property and policy coverages that can help address their
risk. Since then, CCIR has partnered with the Canadian
Insurance Services Regulatory Organizations (CISRO) to engage the
property and casualty insurance sector on addressing the
recommendations in the 2023 position paper.
In response to that engagement, the Insurance Bureau of
Canada (IBC) and the Insurance
Brokers Association of Canada
(IBAC) have jointly established a working group to engage with the
property and casualty insurance sector to explore ways to enhance
existing practices to help Canadians better understand how natural
catastrophes could affect their home and property.
CCIR and CISRO are encouraged to see insurers and
intermediaries' response to the position paper to collaborate on
ways the insurance industry can help Canadians become better
informed.
"CCIR is very encouraged by the collaboration between insurers
and intermediaries to promote fair outcomes for customers," says
Huston Loke, CCIR Chair.
Early work by the industry group has focused on the development
of a phased approach to addressing the challenges raised in CCIR's
2023 position paper, starting with enhanced training in the
property and casualty insurance on natural catastrophes and
insurance coverage. In future phases, industry will also
explore tools and resources that can be used by the sector to
support property risk conversations at the point of sale and
renewal of insurance coverage.
"CISRO welcomes industry efforts to heighten consumer awareness.
Meaningful information on climate change and natural catastrophes
is particularly relevant. This proactive approach we
believe will improve consumer protection", says Patrick Ballantyne, CISRO Chair.
On June 28, CISRO highlighted
coverage for natural catastrophes as its theme for this year's
National Insurance Awareness Day. Homeowners are encouraged to
review their insurance policies and have a discussion with their
licensed insurance professionals to ensure they have the right
coverage for their homes and property.
About CCIR
CCIR is an inter-jurisdictional association of insurance
regulators. The mandate of the CCIR is to facilitate and promote an
efficient and effective insurance regulatory system in Canada to serve the public interest. We work
together to develop solutions to common regulatory issues.
About CISRO
The CISRO is a forum of Canadian regulatory authorities who are
dedicated to consistent qualifications and conduct of business
standards for insurance intermediaries.
Media
Contacts:
|
|
Russ Courtney
|
Sylvain
Théberge
|
(For English media ‐
Toronto)
|
(For French media –
Montréal)
|
437-225-8551
|
514-940-2176
|
SOURCE Canadian Council of Insurance Regulators (CCIR)