Report to government, April 2006 : Insurance review : homeowners, commercial, marine

The Challenge In considering the submissions and presentations of stakeholders during the review the Board was struck by the disparate gap between the industry and the Consumer Advocate, on behalf of consumers. [...] The Board notes this gap in respective positions of the industry and the Consumer Advocate is not unexpected and the low consumer participation during the review may be due to improved circumstances in the current insurance market. [...] The report also detailed information presented at public sessions held by both the Consumer Advocate and the Board along with written comments and other input received by the Board during the course of the review. [...] Excepting the portion related to the already completed automobile insurance review, the Terms of Reference directing the Board’s review of homeowners, commercial and marine insurance is outlined below: “Homeowners Insurance • Report on issues which may be raised surrounding availability and accessibility of this insurance in light of the associated profit margins and identify ways in which these i [...] The report outlines background on the property and casualty industry in Canada as well as the experience of the industry in Newfoundland and Labrador.