Tuesday, March 5, 2024

Insurance premium costs explode

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Maria Gill
Maria Gill
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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.

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