Industry pressured by increasing losses and current provincial rate pause.
Expects non-life reinsurance market to grow, thanks to new risk pools and continuous rate adjustments.
Open letter calls for a stop to construction in risky areas, government support for high-risk properties.
Experts warn it would be naïve to hope the last five years of losses have been exceptions.
Adds an estimated $55,000 to the average cost of a new home in Canada.
Climate concerns will be heavily weighted in underwriting risk exposures.
Follows other insurers issuing warnings about the material impact of rainstorms, tornados and wildfire.