FSRA implements temporary measures after Ontario flash flooding
FSRA implements temporary measures after Ontario flash flooding | Insurance Business Canada
Catastrophe & Flood
FSRA implements temporary measures after Ontario flash flooding
It aims to speed up the claims process
Catastrophe & Flood
By
Abigail Adriatico
The Financial Services Regulatory Authority (FSRA) has implemented new temporary measures that will help insurers process claims of customers affected by the recent rainfall and flooding in southern Ontario.
FSRA’s temporary measures will allow insurers to use the services of employees of affiliated insurers and licensed adjusting firms to utilize claims adjusters with licenses that are based outside of Ontario.
The measures will only be in effect until October 31. Should insurers and adjusting firms use the temporary measures, they will need to contact the FSRA first to confirm their requirements before they can proceed with processing the claims.
Earlier this week, Southern Ontario saw flash floods caused by heavy rainfall along with thunderstorms. Many residents have been affected by power outages across the province.
With FSRA’s temporary measures, the regulator aims to ensure that the claims of affected consumers will be adjusted and processed quickly. It also assured that it continues to work on behalf of its stakeholders to ensure the financial safety of consumers as well as fairness and choice.
In other news, FSRA recently released its inaugural thematic review of home insurance claims which revealed the areas where insurers’ claims can improve their handling processes. The review covered about 97% of the province’s market and involved 20 carriers underwriting homeowners’ insurance in Ontario.
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