The COVID-19 pandemic has prompted many insurance companies to begin looking at the products they’re offering.
Amanda Dean, vice-president for the Atlantic Division of the Insurance Bureau of Canada, says when it comes to creating new insurance products, it doesn’t happen overnight.
Dean says if pandemic insurance existed two years ago, it’s not something many people would have purchased, “If it existed on the market, many of us would not have purchased it. It would have been a hard product to sell two years ago, and not something that would have been widely available, if available at all.”
Insurance companies re now re-evaluating their products, “Typically, it is something that requires a lot of data so that you can properly assess the risk. So where things go in the future, I’m honestly not sure at this point. I do know, that the Insurance business is certainly busy at this point.”
It’s important if you do have insurance, that you think might cover a pandemic, make sure you read your policy carefully.
“It is all in the fine print, and that is why it is so important to have a conversation with your broker or agent,” Dean says.
