Acera Insurance’s Colin Brien spoke with Insurance Business Canada magazine about challenges facing the construction industry in Halifax, NS, in this Insurance Business Canada magazine article.
Current construction insurance capacity issues can largely be attributed to:
- The lingering impacts of COVID-19 that led to a surge in subscription policies with as many as five or six insurers involved, which complicated claim settlements.
- Increasing natural disasters, such as the 2023 wildfires and flooding in Nova Scotia that resulted in nearly $500 million in insured losses, according to the Insurance Bureau of Canada.
Where severe weather is concerned, Colin discussed the importance of maintaining comprehensive coverage and mitigating risks.
“We put a big push on insuring to value and making sure there’s no co-insurance penalties…. The typical 5% a year [inflation] is not really keeping up with the true cost.”
Colin Brien, Regional Director, Commercial Insurance
Want to learn more?