In December 2020, the BC Financial Services Authority (BCFSA) released its report “Strengthening Foundations: A Report of the State of Strata Property Insurance in British Columbia”. The BC strata property insurance market had faced near unprecedented increases in premium rates and deductibles. The report highlighted a convergence of factors that contributed to this situation, some specific to the local market, while others are global in scope.
Although the report provides an in-depth analysis of the driving factors, the reality is there are no simple solutions. The rate of increase can be mitigated with the right actions, but complex issues including natural risk factors and the impacts of climate change provide little prospect of significant short or medium-term relief for many strata properties.
Please join us in a discussion of the underlying themes BCFSA uncovered that are expected to continue to impact BC’s strata property insurance market and the broader Canadian commercial insurance market.
Slides and video recording of this webinar are not available.
Harry James is currently Director, Regulation Advisory Services at the BC Financial Services Authority. Mr. James has been with the BCFSA for over 25 years in a variety of regulatory and management roles and is active in assisting senior management with regulatory and policy issues. Mr. James is also a long time contributor to the Canadian Council of Insurance Regulators where he has chaired a number of working groups. Originally from Ontario, he moved to BC in the early 1990’s but he still misses Ontario summer and fall seasons.
Antonia Prlic is BCFSA’s Acting Director, CUDIC Operations, where she is responsible for directing the regulatory and prudential management of the BC Credit Union Deposit Insurance Fund. Ms. Prlic joined BCFSA in 2018 to lead the organization’s regulatory crisis preparedness initiatives.
Ms. Prlic brings over two decades of leadership experience to BCFSA having conducted global economic analysis and managed economic consulting engagements with multi-national organizations and public sector clients. Her experience in working with representatives from a variety of industry groups gives her a unique perspective in providing strategic research insights. Prior to joining BCFSA, Antonia held senior-leadership roles with IHS Global Insight and Altus Group.
As an active CABE Board member and past TABE Board member, she decided to spread her wings and join the APEBC Board in 2018.