Miller, the independent specialist re/insurance broker, has partnered with Specialty Program Group Canada (SPG Canada) and NormanMax Syndicate 3939 to facilitate a binder between the two parties, granting SPG Canada full underwriting authority for a first-of-its-kind parametric earthquake solution in British Columbia.
According to the announcement, the binder allows SPG Canada to underwrite coverage directly, enabling commercial property owners to better manage the increasing challenge of high and cost-prohibitive earthquake deductibles through a fast, transparent, and efficient alternative.
As conventional earthquake insurance policies in British Columbia encounter escalating deductibles, and claims processes become more complex, this parametric product provides agreed payouts when pre-defined shaking intensities are recorded, eliminating the need for traditional loss adjustment or prolonged negotiations.
As per Miller, the coverage responds to seismic events measured by data from independent, third-party sources.
Once the trigger threshold is met, payment is made promptly upon simple proof of loss, which ultimately gives clients near-immediate liquidity to help cover their conventional earthquake deductibles.
Alice Glenister, Head of Parametric Solutions at Miller, commented: “We are pleased to be providing meaningful solutions for a market in which many are concerned that earthquake insurance is becoming less accessible. With this innovative product, we are helping customers take control, giving them a fast, fair way to receive essential insurance coverage for an event without waiting months for traditional claims to be settled.
“This solution reflects Miller’s enduring commitment to expanding the parametric insurance landscape and supporting communities vulnerable to seismic risk with tailored, reliable solutions.”
Cameron Copeland, President and CEO of SPG Canada, said: “We are pleased to offer commercial businesses, particularly those in British Columbia, a new option to safeguard their financial stability and assets in the event of an earthquake. Historically, insureds have had limited choices to protect and mitigate earthquake exposure. Parametric insurance provides a fresh, innovative approach to securing peace of mind.
“Being the first organization to bring this solution to the Canadian commercial insurance market reflects our commitment to innovation and to delivering best-in-class protection for our clients.”
Brad Meier, Chairman, President, and Chief Executive Officer at NormanMax, added: “NormanMax is pleased to partner with Miller and SPG Canada to bring this innovative program to the British Columbia market.
“As the first-ever syndicate at Lloyd’s of London dedicated to parametric natural catastrophe solutions, NormanMax Syndicate 3939 shares the goals of Miller and SPG Canada in bringing fully transparent, rapidly settling coverage options to the Canadian Market supported by Lloyd’s security and licensing.”
