In an article published by Insurance Business Canada, CNA's Rick DeBruyn highlights the impacts of COVID-19, climate change and rising construction costs for the commercial property sector and where challenges might lie moving forward.

Commercial property insurance protects buildings from threats ranging from fire to theft to natural disasters. As such, premiums and coverage depend on variables such as the location and condition of the building or property, whether it’s occupied, and what kind of fire and security oversight it has. Therefore, it’s important to consider perspectives from different regions when assessing the state of the commercial property sector in Canada.

In a word, Rick DeBruyn describes the past year in commercial property insurance as “volatile.” The regional vice-president for the Prairie region at CNA, DeBruyn provides overall management and underwriting resources for Northwestern Ontario, Manitoba and Saskatchewan. As insurers work to improve loss ratios, he says, there have been restrictions in capacity and price increases – thus making it a difficult year for underwriters, brokers and insureds. In the next year, DeBruyn hopes to see underwriting stabilize.

For more information and personal insights, read the full feature: ‘Perils in Commercial Property’, published in Insurance Business Canada.