Sedgwick exec’s Top 4 reasons why condo claim severity is through the roof Canadian Underwriter

As Canadians carry on their love affair with condos, the number of units being built — and the rapid pace of their construction — have indirectly contributed to the severity of condo insurers’ claims costs, says a senior P&C insurance claims executive.

John Slattery, executive general adjuster at Sedgwick, provided his Top 4 list of reasons why insurers’ claims costs are going through the roof Tuesday during Canadian Underwriter’s condo insurance webinar, Build up your Condo Business: How to Succeed in Today’s Condo Insurance Market. Two of his four reasons were related to the rapid-fire construction of condo buildings throughout Canada.

Nearly 1.9 million Canadians lived in condominiums across Canada five years ago, according to 2016 census information from Statistics Canada. Between 2011 and 2016, more than one-third of the dwellings built in the country were condos. In contrast, only 6% of Canadian dwellings were condos before 1980, StatsCan

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Fannie Asks Mortgage Execs How to Improve Condo Lending

The most recent Fannie Mae’s Lender Sentiment Survey
focuses on the complexities of lending to the condominium market. The company
stresses that this type of housing can play an important role in narrowing the supply gap for
affordable housing options as well as providing an attractive alternative for
homeowners seeking to downsize. However, since the great recession, there has
been a significant shortage of both new and existing units for sale.

Condos
represent 8 to10 percent of the mortgage market but tend to exist primarily and
thus play a larger role in many urban areas. They also present unique risks
given the financial responsibility owners share for the operation and maintenance
of the common areas and shared amenities. Lenders may also face increased time
and costs due to the complexity of underwriting condo project eligibility.

Fannie Mae
asked more than 200 senior mortgage executives about market trends and to help

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Kamala Harris attends virtual fundraiser hosted by execs at real estate giant Related Companies

  • Vice presidential candidate Sen. Kamala Harris on Friday took part in a virtual fundraiser for Joe Biden’s presidential campaign.
  • The hosts included Harvey Spevak, the executive chairman of fitness company Equinox Group, and Related Companies CEO Jeff Blau.
  • With Election Day 18 days away, the Biden campaign is riding momentum from a massive fundraising haul in the third quarter.



a person wearing a suit and tie talking on a cell phone: Democratic U.S. vice presidential nominee and Senator Kamala Harris speaks at a drive-in campaign event in Las Vegas, Nevada, U.S., October 2, 2020.


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Democratic U.S. vice presidential nominee and Senator Kamala Harris speaks at a drive-in campaign event in Las Vegas, Nevada, U.S., October 2, 2020.

Democratic vice presidential nominee Kamala Harris took part in a big-money fundraiser Friday that was hosted by real estate investment giant Related Companies and the executive chairman of fitness company Equinox.

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The event featuring Harris, a California senator, comes on the heels of the Joe Biden campaign’s massive third-quarter fundraising haul.

The hosts included Harvey Spevak, the executive chairman of Equinox, and

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