After COVID revenue collapse, Canadian municipalities face insurance premium spike Reuters 18 hrs ago By Nichola Saminather © Reuters/CHRIS HELGREN FILE PHOTO: A row of houses under construction is seen at a subdivision near the town of Kleinburg
By Nichola Saminather
TORONTO (Reuters) - Canadian municipalities reeling from a pandemic-driven hit to revenues are facing an added blow from surging liability insurance costs, forcing them to raise property taxes or even cut services for residents.
The increase in premiums, about 20% to 30% in many cases, has been driven by a shrinking pool of insurers, more claims in an increasingly litigious climate and uncertainty around payout amounts.
Canadian municipalities face insurance premium spike, forcing service cuts, property tax hikes
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After COVID revenue collapse, Canadian municipalities face insurance premium spike
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Canadian municipalities face insurance premium spike, forcing service cuts, property tax hikes
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Even with what North Bay Coun. Bill Vrebosch calls an âexemplary record,â the city was still dinged with a 10 per cent increase to its insurance rate this year.
And that was without taking into account cyber insurance.
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Try refreshing your browser. Province ânot doing anythingâ on insurance premiums Back to video
Speaking at a meeting of North Bay council Tuesday, Vrebosch said even with the 10 per cent boost to insurance premiums, North Bay is still well below some municipalities in the province. Some, he said, have faced insurance premium hikes of 62 per cent.