Insurance premium costs have jumped in recent years.
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Homeowners have seen an average increase of 20% in five years. For businesses, premiums have increased by 50% over the past three years.
A phenomenon attributed to labor shortages and the explosion in wood prices as well as to climate change. In fact, insurers have seen a 50% increase in claims in five years.
The epidemic also has an impact on insurance premium prices.
The Director General of the Institution of Real Estate Property in Quebec (CORPIQ), Benoit Stie-Marie, states that securing some sectors is more difficult. This is especially the case for retail businesses, where the number of thefts has increased over the past two years, as they are often closed.
“Insurers, in some key sectors, have lost a lot and must collect their losses,” explains Benoit Ste-Marie.
In addition, the number of insurance companies is declining. Many of them have been incorporated in recent years, reducing competition and helping drive up prices.
Sophie Laurent is a contributor to Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting that helps readers stay informed about current events and issues that matter to their communities. Sophie is committed to presenting accurate information, practical insights, and relevant stories in a straightforward and reader-friendly manner, making complex topics accessible to a broad audience.