What would happen if a property and casualty insurer were to go bust?
Last week, thousands of Florida home owners were left scrambling for coverage when during peak hurricane season Sarasota-based Gulfstream Property & Casualty announced its liquidation to customers.
In 2018, Californias Camp Fire left Merced Property & Casualty in ruins, unable to pay millions of dollars to policyholders and in 2011, the powerful earthquake that killed 185 people in Christchurch, New Zealand, caused two large insurers to declare insolvency.
Prepared for disaster
In Canada, when an insurance company is declared insolvent and can no longer pay claims, the Property and Casualty Insurance Compensation Corporation (PACICC) steps in to protect policyholder…
Read the full article at: https://www.canadianunderwriter.ca/insurance/what-to-tell-your-clients-when-their-insurer-goes-bust-1004211292/