Insurance & Risk Services

The insurance market continues to face turbulent times and as a result we continued to see a rise in insurance rates globally and locally. In Canada alone, severe weather caused $3.1 billion in insured damage making 2022 the 3rd worst year for insured damage in Canadian history. Severe weather events combined with inflationary pressures, high labour and material costs, supply chain disruptions and rising geoeconomic tensions are all impacting the market and, most notably, the infrastructure sector.

Through all of these challenges, our focus in our insurance program is to provide members with stability during these uncertain times. Our insurance reciprocal, MUNIX, is an insurance pool that acts as a shock absorber, smoothing the budgetary highs and lows and providing stability to all its subscribers. We used our subscriber-owned insurance reciprocal to reduce premiums by $3 million for the 2023 renewal, meaning members’ premiums were once again well below what other insurance providers are offering.

Here’s a look at how our team supported members: We completed an in-depth review of our Liability Insurance wordings, have made coverage enhancements and clarified coverage.

We administered over 7100 policies for participating members.

Over the last two years we completed over 950 building valuations and 368 loss control inspections.

We paid out 12.6M in claims to our insurance pool members. Our Insurance & Risk Services team boasts over 210 years of experience in the insurance industry.

Engaging in the risk assessment process with Alberta Municipalities was greatly beneficial to our team. After receiving the comprehensive loss control report, Alberta Municipalities’ Risk Services staff took time to discuss the findings and helped develop solutions our team could implement quickly.”

- Travis Bouck General Manager – Financial Services, City of Camrose