Toronto, ON (Apr. 3, 2023) – The Canadian Council of Insurance Regulators (CCIR) has released a position paper containing recommendations for insurers to help Canadian homeowners better protect their personal property against the risks posed by natural catastrophes and a changing climate.
The paper focuses on actions insurers can take to ensure consumers receive and understand the information, advice, and incentives necessary to make informed decisions about their insurance coverage. Other national initiatives to address how Canadians can better adapt and protect themselves from natural catastrophes and a changing climate are also taking place at this time.
CCIR intends to work with industry and other key stakeholders to develop an approach to translating the recommendations in this paper into concrete actions. CCIR believes that regulators and the insurance industry can play a more effective role in helping to achieve shared consumer protection objectives in the face of a changing climate.
“This is a significant milestone in a multi-year project that represents significant collaboration between CCIR, industry, and other stakeholders”, said Robert Bradley, Chair, CCIR.
“While the paper identifies key consumer awareness challenges, the focus is really on making meaningful progress to help ensure homeowners have the information they need to better protect their property.”
This position paper is part of an ongoing conversation between CCIR and its stakeholders.
CCIR believes that an approach for implementing the recommendations in the position paper can best be achieved by bringing together insurers and intermediaries. To that end, CCIR is actively engaged with the Canadian Insurance Services Regulatory Organizations (CISRO), the forum of Canadian regulatory authorities responsible for regulating insurance intermediaries.
“CISRO members are committed to helping ensure consumers have the adequate information and advice required to make informed decisions based on their property’s exposure to natural catastrophes. The intermediaries play a key role with consumers in the distribution of insurance products. While understanding the different roles and responsibilities of insurers and intermediaries, CISRO is committed to a collaborative approach, to advancing the recommendations in the paper”, said Eric Jacob, Chair, CISRO.
The position paper is available on the CCIR website.
For more information about CISRO, please visit www.cisro-ocra.com.
The Canadian Council of Insurance Regulators 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. CCIR members work together to develop solutions to common regulatory issues. For more information, visit www.ccir-ccrra.org.
Source: Canadian Council of Insurance Regulators (CCIR)Tags: Canadian Council of Insurance Regulators (CCIR), climate change, Natural Catastrophes, whitepaper