In response to a recent ice storm that caused property damage across central and eastern Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) has introduced temporary measures to support insurance companies managing a surge in claims.
The measures are intended to facilitate more efficient processing and adjustment of claims in affected areas, which include Orillia and Peterborough. FSRA stated that the volume of incoming claims following the storm has placed pressure on the existing adjustment capacity within the province.
Under the temporary provisions, Ontario-based insurers will be permitted to engage employees from affiliated insurers to support claims processing. In addition, licensed adjusting firms will be allowed to deploy claims adjusters who are licensed outside the province.
These regulatory adjustments are scheduled to remain in effect through July 4, 2025.
FSRA indicated that the decision is part of its ongoing oversight responsibilities and is aimed at maintaining service standards during periods of increased demand. A spokesperson noted that the regulator “wants to ensure that consumers' claims are adjusted and processed as quickly as possible.”
The storm that hit on March 28 brought heavy freezing rain and ice, downing trees and power lines and causing power outages for hundreds of thousands of people.
Meanwhile, the Insurance Bureau of Canada reminded policyholders that most standard home insurance policies typically cover damage resulting from ice storms. This includes damage caused by fallen trees, branches, flying debris, and water entering the home through sudden openings caused by wind.
How do you think this temporary measure will affect claim resolution timelines and customer experience? Share your thoughts in the comments.
