Rising cost of insurance 'very difficult,' some Yukoners say

Some Yukoners are decrying "ridiculous" increases in their insurance premiums, and say they're making life even more unaffordable. 

Marc Richard of Dawson City, Yukon, has three insurance plans with his bank at a slightly discounted rate. His plans are up for renewal at the end of August and he recently received a letter stating his rates had gone from $230 per month to $360 per month, an annual increase of $1,560.

"I called them to … see if there's anything … [they] could do, they said there's nothing they could do and they blamed all of the claims that were put in," Richard said.

Richard said he might have expected a 10- or 15-per-cent increase, but not a 50-per-cent hike.

"I find it a bit ridiculous," he said. "There's … no justification for it. It makes it very difficult for people." 

Sheryl Polachic just had her Whitehorse mobile home re-insured. She'll also be paying a lot more.

"I'm paying three times as much," she said.

Anne Marie Thomas is the director of consumer and industry relations at the Insurance Bureau of Canada (IBC), which represents a majority of insurance companies in Canada, specifically those focusing on home, auto, and business insurance. She wouldn't clearly confirm whether insurance premiums have increased, but did say that the cost of claims are on the rise in Canada. 

"It stands to reason that insurance premiums would follow [increasing] claims costs," she said. 

The IBC cites inflation and natural disasters among the reasons for shifts in the insurance industry. Not only is the amount of money paid out for insurance claims going up, Thomas says, but so is the number of claims being filed.

Thomas said that in Canada in 2023, "the frequency of severe weather events caused almost $3.5 billion in insured losses — and that's billion with a 'B.'"

Yukon MP Brendan Hanley said he hasn't received any letters from constituents about their insurance rates.

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