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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What brokers are looking at to help condo corporations reduce deductibles Canadian Underwriter

Brokers working in the condo insurance class of business are looking at creative ways to help their condo corporation clients shoulder the burden of much higher deductibles — including preliminary discussions around the option of “buy-down” deductibles.

“As a broker, we’re always looking for other alternatives to see what we can do to alleviate the difficulty we are seeing in today’s market,” said Jeff Rodin, president and CEO of Condominium Insurance Solutions (a Navacord brokerage). Rodin was speaking as a panellist recently in Canadian Underwriter’s webinar, Build up your condo business: How to succeed in today’s condo insurance market.

“We’ve seen, and we have on our books, condos that have a $500,00 deductible, and many at $250,000, and that’s just an uncomfortable level for a condo corp.,” Rodin said during the webinar. “So, what we are trying to do is garner the interest of an insurer that will

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