By: Luke Jones, Published on August 9, 2017 10:11 AM, Last Update on September 1, 2017 07:12 AM
The Canadian Council of Insurance Regulators (CCIR) says insurance companies must improve education for customers regarding home insurance. In a paper released Wednesday, the association advised insurers to help consumers better understand terms of property contracts, including limitations, deductibles, and exclusions.
In a paper titles Findings Report & Position Paper: Natural Catastrophes and Personal Property Insurance, CCIR says there is “value and need for direct and clear communications with consumers and intermediaries regarding coverages.”
The association says it “encourages stakeholders to better collaborate so that aggregated risk data is made more readily available to support the conditions necessary to enhance preparedness, as well as the affordability and availability of natural catastrophe insurance.”
“Given the role of modelling results and data inputs, a number of respondents emphasized the importance of and opportunities for collaboration, research partnerships and information sharing among stakeholders, including governments, private sectors, academia, insurers and homeowners,” CCIR said in its report and position paper. Such information-sharing, judging feedback, “can assist in updating building codes, identifying infrastructural needs, inform decisions regarding the location of future developments and equip homeowners with information on methods to mitigate their personal risks,” CCIR added.