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Report Vol Sector Insurance Improving The Insurance and Public Policy Environment For Non-Profit and Voluntary Organizations In Atlantic Canada Presented To Insurance Bureau of Canada And Community Services Council Newfoundland and Labrador By Wolfgang Uebel & Associates Inc. And BizNext Management Consultants October 2005 TABLE OF CONTENTS INTRODUCTION ........................................................................................1 BACKGROUND.............................................................................................. 1 METHODOLOGY............................................................................................ 2 THIS REPORT .............................................................................................. 2 THE INSURANCE MARKET...........................................................................3 INSURANCE PRINCIPLES .................................................................................. 3 THE RECENT HARD MARKET ............................................................................. 6 PROPERTY AND CASUALTY INSURANCE IN CANADA ..................................................... 7 ATLANTIC CANADA .......................................................................................12 FINDING THE RIGHT COVERAGE AT THE RIGHT PRICE ................................................15 THE VOLUNTARY SECTOR.........................................................................21 SECTOR CHARACTERISTICS..............................................................................21 FUNDING..................................................................................................26 DISTINCTIVE RISKS......................................................................................29 RISK MANAGEMENT ......................................................................................34 NEEDS FOR INSURANCE..................................................................................35 THE PUBLIC POLICY ENVIRONMENT.........................................................40 INCENTIVES FOR DEVELOPMENT OF THE VOLUNTARY SECTOR .......................................40 IMPEDIMENTS TO THE SECTOR’S CAPACITY AND GROWTH POTENTIA L ..............................41 PUBLIC POLICY CHOICES ................................................................................44 PROVIDE ADDITIONAL FUNDS/REDUCE TAXES ON PREMIUMS........................................46 REGULATION OF THE INSURANCE INDUSTRY ...........................................................46 TORT LAW REFORM......................................................................................48 A COMPROMISE POSITION...............................................................................50 EXPERIENCE IN OTHER JURISDICTIONS...................................................53 A RECURRING PROBLEM – AN ONGOING SEARCH FOR SOLUTIONS..................................53 THE UNITED STATES.....................................................................................53 THE UNITED KINGDOM..................................................................................60 AUSTRALIA................................................................................................64 NEW ZEALAND............................................................................................73 SOLUTIONS.............................................................................................77 UNMET NEEDS............................................................................................77 AVAILABILITY – THE SUPPLY OF INSURANCE PRODUCTS..............................................77 AFFORDABILITY – THE COST OF INSURANCE...........................................................80 AN UNATTRACTIVE MARKET SEGMENT .................................................................86 REDUCING THE LIKELIHOOD AND MAGNITUDE OF CLAIMS............................................87 CHANGING THE WAY INSURANCE IS BOUGHT..........................................................88 FUNDING..................................................................................................93 PUBLIC POLICY ...........................................................................................95 APPENDIXES (BOUND SEPARATELY) A Bibliography B The Property and Casualty Insurance Market in Canada C Risk Management D Insurance Programs for the Voluntary Sector E Tort Reform F Insurance Reform G The Nova Scotia Trails Association Insurance Program H Experience in Other Jurisdictions INTRODUCTION Background Insurance availability and affordability have received a lot of attention over the past few years. Starting in 2001, insurers both § reduced their risks by denying coverage to some applicants and/or for some perils, and § increased the premiums they charge for coverage they do provide. In some cases, insurers simply withdrew from whole segments of the market they had been serving. The voluntary sector was hit particularly hard by these developments. Many volunteer organizations had difficulty finding insurers willing to provide coverage. And when coverage was available, sharp increases in premiums put strains on financial resources, requiring organizations to seek additional funding or divert funds from their core activities. Assessments done in response to the crisis found that many voluntary groups do not carry adequate insurance coverage. And volunteers have become increasingly aware of exposure to personal risk, in some cases making them reluctant to offer their services. As a result, some needed and worthwhile community services have been lost. However, the implications have reached much further, affecting vehicle owners, homeowners, businesses, and Availability and affordability municipalities, even influencing the outcomes of of insurance have become provincial elections in Nova Scotia and New Brunswick. major issues over the past few years, not just for the voluntary sector but for Because of the magnitude of the problem, the Insurance vehicle owners, Bureau of Canada (IBC) Atlantic Region has created a homeowners, businesses, Task Force on Insurance Availability and Affordability. and municipalities, as well. The mandate of the Task Force is to develop recommendations and communications intended to increase insurance availability, affordability and understanding for both the commercial and non-profit sectors in Atlantic Canada. Related to the work of the Task Force, IBC Atlantic Region, in cooperation with the Community Services Council Newfoundland and Labrador (CSC), requested proposals to undertake a study to identify ways to im prove the insurance and public policy environment for non-profit and voluntary organizations in Atlantic Canada. The project was awarded to Wolfgang Uebel & Associates Inc. in association with BizNext Management Consultants. Page 1 INTRODUCTION Methodology Issues related to insurance availability and affordability have been widespread, affecting individuals, businesses, and voluntary organizations around the world. These issues have been studied extensively, leading to a wealth of literature. A bibliography of some of the more significant reference materials used in preparing this report is provided in Appendix A. A good summary of the issues can be found at: http://www.voluntary-sector.ca/eng/liability/bkgd.cfm Because the problems related to insurance availability and affordability have been very well documented in various studies and reports – including some in Atlantic Canada – we conducted an extensive review of the work already done. We supplemented that work by consulting with voluntary organizations, lawyers, government officials, insurers, and insurance brokers serving the market in the Atlantic Region. This Report The purpose of the present report is to identify workable solutions suited to the particular needs of voluntary organizations in Atlantic Canada and to show the rationale for recommending those solutions. Fundamentally, understanding the availability and cost of insurance requires an understanding of demand for insurance and how that demand attracts supply. In other words, it requires an understanding of market operations – the numbers of buyers and sellers, how they find each other, how they interact, and how prices are set. Based on the work done during the project, we believe the issues related to availability and affordability of insurance for the voluntary sector in Atlantic Canada flow from a confluence of issues related to the distinctive characteristics of § the voluntary sector, § the insurance industry, § insurance market operations, § Atlantic Canada, § the legal system, and § the overall public policy environment. To be workable, solutions must take these distinctive characteristics into account. In the material that follows, we § outline what we believe are the most important dimensions of the overall problem, § discuss potential solutions, and § make recommendations to improve availability and affordability of insurance for voluntary organizations in Atlantic Canada. Page 2 THE INSURANCE MARKET Insurance Principles Insurance policies are complex legal contracts based on sophisticated mathematical relationships. Recognizing that few people understand them well, it will be helpful for the discussion that follows to describe some of the principles on which they are based. Insurance is a very important financial service. It is not an instrument of social policy to compensate victims who suffer losses. And it is not a tax that leads to redistribution of wealth. It is simply
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