Condominiums carry a number of risks, some of which owners and condo boards may not be aware. In examining these risks and the necessity of sound reserve funds to cover future maintenance, the actuarial profession has several insights to offer in this area.
For many Canadians, owning a condo is one of the most significant investments of their lives. However, the longevity of condo infrastructure in Canada is threatened by various risks that require more attention.
Earlier this year, the Canadian Institute of Actuaries (CIA) issued a statement on the growing interest in using big data in insurance ratemaking.
The latest buzz phrase in the insurance industry is “embedded insurance,” which presents an opportunity to seamlessly offer protection in real time given a proactive approach to risk management. Underpinning embedded insurance is the ability to personalize insurance. This requires that customers understand the necessity of sharing more data with their insurance providers.
About 10 years ago I received a call from a lawyer looking for help in determining the expected number of members in a class action. It was a historical action dating back to the 1940s. My mandate was to determine the number of Indigenous children who attended one of several schools from the 1940s to the 1990s. That number, then, was to be split between surviving and deceased students as of 2010...
Canadian Institute of Actuaries
360 Albert Street, Suite 1740
Ottawa, Ontario K1R 7X7
SeeingBeyondRisk@cia-ica.ca