April 12, 2018 09:45
Approximately 60 % of british columbians and only 3.5 % of Quebecers have knowledge of the risk of earthquakes in their area good enough to buy an insurance policy. The situation is attributed to a lack of awareness of the residents, held back by governments and regulatory agencies, says the insurance Bureau of Canada (IBC).
The president and chief executive officer of the IBC, Don Forgeron, said Tuesday during a seminar sponsored by Swiss Re concerning the prospects by insurance, that there is a certain ignorance among Quebecers in the face of risks that can cause earthquakes. Thefinancial markets Authority has recently published a survey and is hoping to find explanations to the phenomenon.
“We need to remind people that it is a problem. But with all the other problems facing governments, businesses and consumers, it is easy to put it aside, ” said Mr. Smith.
Follow the pace of the technology
Mr. Blacksmith has also launched an arrow to the regulators who, according to him, must keep pace with technology and allow the insurance industry to provide the kind of products that people want and they need. “There comes a point where regulations become so disconnected from the world that they begin to impair the ability of innovation of an industry. “
He said that the industry should focus on the creation of new products and services for Canadians of the generation Y, in particular in the field of numerical analysis, where the products can be adapted to the needs and specific desires of the consumer.
He also blamed the regulators have not allowed insurers to take advantage of innovations such as the new insurance based on the use. This would have enabled consumers to obtain better prices for their insurance premiums, ” he adds.
Mr. Forgeron said that there was interest in the regulation, ” but there comes a point when regulation becomes counterproductive…. I believe that we have reached this point. “
Record year in disaster
Meanwhile, a report released Tuesday by Swiss Re indicates that 2017 was a record year in terms of natural disasters and man-made disasters in the world. Losses total assets reached 144 billion u.s. dollars (US$ billion), representing a total loss of 337 billion US dollars, which means a gap of insurance coverage of 193 billion US dollars.
The four hurricanes of the North Atlantic have been the most expensive for many years. In addition, last year was also a record year for losses of forest fires, including those in Williams Lake, British Columbia.