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