Morning Briefing: BC consumers face insurance hikes on firefighter shortage

Morning Briefing: BC consumers face insurance hikes on firefighter shortage

Morning Briefing: BC consumers face insurance hikes on firefighter shortage BC consumers face insurance hikes on firefighter shortage
Residents of North Fork in British Columbia could be facing large increases in insurance premiums unless more people volunteer to be firefighters. CBC News says that the North Fork area needs at least ten volunteer firefighters but currently only has three. Fire Chief Dale Heriot says that fire insurance costs could double if the situation doesn’t improve. The area was under high risk of wildfires during the summer.

Clinton takes aim at insurers in new campaign ad
Hillary Clinton is “taking on insurance companies to bring down drug prices”. The pledge is part of a new campaign commercial from the Democratic presidential candidate released at the weekend. Clinton is not the only candidate calling for action on drugs prices but the focus has generally been on the pharmaceutical industry while Clinton is proposing a $250 cap on monthly out-of-pocket drug expenses, which would fall on insurers.
 
Chinese real estate firm enters insurance business
Evergrande Real Estate Group has been given approval to enter the insurance business by China’s insurance regulator. The deal will see Evergrande pay $617 million for a 50 per cent stake in Great Eastern Life Assurance which will be rebranded as Evergrande Life. Reuters reports that the transaction will allow the real estate firm to promote the insurer’s products to residents in the 300+ housing developments it owns.
 
Insurers report increased earthquake calls
Inquiries about earthquake insurance have been increasing in Kansas. Local State Farm insurance agent Paul Brucks told KAKE TV that he’d had more calls in the last two years than in the previous 27 or 28 years. Many of the calls including questions that are also being asked by Insurance Commissioners and the insurance business; how to treat claims for quakes that are attributed to oil or gas exploration or similar man-made causes. Brucks says that nothing has been decided by his insurance partners but that they would “take each claim on its merit”.