Rising cost of insurance 'very difficult,' some Yukoners say

Some Yukoners are decrying "ridiculous" increases in their insurance premiums, and say they'remaking life even more unaffordable.

Marc Richard of Dawson City, Yukon,has three insurance plans with his bank at a slightly discounted rate. His plans areup for renewal at the end of August and he recently received a letter stating his rateshad gone from $230 per month to $360 per month, an annual increase of $1,560.

"I called them to see if there's anything [they] could do, they said there's nothing they could do and they blamed all of the claims that were put in," Richardsaid.

Richardsaid he might have expected a 10- or 15-per-cent increase, but not a 50-per-cent hike.

"I find it a bit ridiculous," he said. "There's no justification for it. It makes it very difficult for people."

Sheryl Polachic just had herWhitehorse mobile home re-insured. She'll also be paying a lot more.

"I'm paying three times as much," she said.

Anne Marie Thomas is the director of consumer and industry relations at the Insurance Bureau of Canada (IBC), which represents a majority of insurance companies in Canada, specifically those focusing on home, auto, and business insurance. She wouldn't clearly confirm whetherinsurance premiums have increased, but did say that the cost of claims are on the rise in Canada.

"It stands to reason that insurance premiums would follow [increasing] claims costs," she said.

The IBC citesinflation andnatural disasters among the reasons for shifts in the insurance industry. Not only is the amount of money paid out for insurance claims going up, Thomas says, but so is the number of claims being filed.

Thomas said that in Canada in 2023, "the frequency of severe weather events caused almost $3.5 billion in insured losses and that's billion with a 'B.'"

YukonMPBrendan Hanley saidhe hasn't received any letters from constituents about theirinsurance rates.

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