A Call to Action!

I've had enough. The world is getting crazy and priorities are getting all whacky and I've had enough. Money has become more important than people and it's not bloody right.

Today, I'm focused on the insurance industry. I can think of only TWO times that I've ever been glad to have taken out insurance/extended warranty. I might be luckier than most to have that. Outside of those two specific incidents, trying to process an insurance claim has been a headache. Even registering for insurance is becoming a huge hassle.(Don't even get me started on extended health insurance providers!)

So now, insurance companies are jacking up their rates or refusing to cover buildings that they've covered for years. Why? Because they failed to plan for bad years. When the going was good, their shareholders made out like bandits, but the companies never thought that it might not last. There was nothing purposefully put aside to protect against years when claims went up. These are industries that are based on risk and they failed to do the simplest thing to mitigate it. So now, we're on the hook for their oversight. Heaven forbid that the shareholders don't get their dividends. What does it matter that a loyal customer now has a major hurdle to overcome, be it a large premium increase or looking for another insurer.

This has far reaching consequences. Condo and apartment buildings are losing their coverage, which means that they aren't habitable, legally. Tenants must then be evicted and the pressure on communities in a housing crisis inflates to irreparable levels. Condo owners lose their investment and home. In many cities this is their only asset. You can't sell a condo or building that isn't insurable. 

Worse yet, income from premiums goes down for the insurance companies and they have to make up for it somewhere...yup, your car/life/loan/pet insurance is next. 

So, where is our government in all of this? How are they going to ensure that their citizens are protected from incompetence and greed? 

This cannot stand. People are losing everything because insurance companies miscalculated payouts and it's not right. If we, as responsible people are expected to have at least 6 months wages saved up to prevent against catastrophe, this should also be an expectation of business. (Particularly those in the business of RISK management.) Call your MLA, call your municipal government and ask them what they're doing to help the 1,000s of people that are (or are going to be) affected by this.

Resources:
The Canadian Council of Insurance Regulators
Office of the Superintendent of Financial Institutions
Financial Consumer Agency of Canada
Links to Provincial and Territorial Regulators