Spring 2023 | Message From The President
#GCProtect | Newsletter V6
And just like that, we are nearly through the first quarter of 2023.
When we talk about insurance in the spring, we need to talk about water. With the snow thawing and ice melting there are increased risks of flooding. Especially with the significant volume of snow we received this year. Did you know Ottawa got 308.5 cm this past season? The most it’s seen in 20 years! The Rideau Valley Conservation Authority announced a warning of potential flooding along waterways in the Rideau Valley watershed this spring. The Dufferin County in Southern Ontario made a similar announcement due to its increased chance of flooding due to seasonal melting snow, ice jams, and heavy spring rain. We have a few blogs and resources to help with flooding and water damage prevention. Though these resources are written with residential homes in mind, many of these tips and insights would be beneficial to consider for commercial properties as well.
Through the last few of months, our team has been busy connecting and building relationships across the various communities and industries we serve and with our insurer partners to ensure we have the relationships to secure the best possible coverage options for our clients. In Ottawa, our head office is gearing up for a major renovation. We will be moving into a temporary space during construction starting April 01. So please take note if you’re planning to connect with the team in the Ottawa west end.
We have put some thought into how we want to show up and give back to our local communities this year, and moving forward. Defining three areas of interest allows us to focus our investment and efforts to have a positive impact on the communities we serve across the province. You can learn more about our corporate social responsibility strategy and initiatives here.
Welcoming five new teammates in the various regions we serve, and promoting another five to new roles within the team to encourage professional development aligning with their career goals as we grow – it’s already been a year of growth for Gifford Carr. We were able to celebrate International Women’s Day with a reflection on our team:
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At the end of 2022 we heard reports from Reuters noting, “On top of impacts from COVID-19 and increasing losses from natural catastrophes, the reinsurance industry is now confronted with issues like inflation, risk of recession and geopolitical tensions”. Specific to the Canadian market, the Canadian Underwriter notes “reinsurers are still waiting for claims numbers to shake out from the derecho wind event in Ontario and Quebec, and Hurricane Fiona on the east coast”. With all of this in mind, we expect (and are starting to see) property insurance premiums to increase. Trust that when your premiums are increasing significantly, our team is working with our insurer partners to find the best possible coverage option for you. Even if that means revisiting alternate carriers for your policy.
We are continually evolving the delivery of these newsletters to provide insights and value to you, our clients. Our marketing team is always open to feedback on the content included or topics you’d like to hear more about. Feel free to share your thoughts with the team here.
We are thrilled to see all that is to come in throughout this year, and are happy to have you as a part of our community to celebrate it with!