Residential Property Insurance Needs Overhaul
On September 12, 2013, Insurance Brokers Association of Alberta (IBAA) hosted a Property Insurance Forum in Edmonton, bringing many stakeholders from Alberta and across Canada together. This historic event germinated at the IBAA convention in May 2013, with concerns about hail, wind, fire, flood, and sewer backup property risks. The forum featured 13 participants and 70 invited observers from every facet of the property and casualty insurance industry and beyond. The event achieved its primary goal of starting a discussion on these topics and voiced a general consensus that property coverage needs an overhaul, that it should remain within the private market, that it may provide consumers with flood protection, and that all stakeholders must take responsibility so that property coverage remain viable.
