A rise in insurance rates in the aftermath of the tragic situation with the fires in the interior of British Columbia would not surprise me at all.
Even after billions were paid out following what happened in Fort McMurray last year, they said that’s not the only factor that affects insurance rates, but how many blows can it take? Fort McMurray came just three years after the devastating flood of 2013 in Southern Alberta.
I can’t in my lifetime remember things like Fort McMurray or the flood of 2013 or what’s happening now in B.C. taking place with such frequency. Sure, there were forest fires and floods, but never to this magnitude and we haven’t even touched on the flooding that took place in the east earlier this year, or some of the winters they’ve had in Atlantic Canada in recent years.
It remains to be seen about insurance rates, but if they do rise, it will be yet another hit on the golf industry. Like the insurance industry, golf also has a variety of factors that affect it and right now, it isn’t easy.
In the past few years, we and other industries have been hit, depending on where you are, with things like the $15-an-hour minimum wage that will come into effect in Alberta and B.C., as well as other factors that affect our businesses.
On the other hand, you have factors such as a horrendous spring that has hit places such as Ontario and Quebec and gone on so long that some operations won’t be able to recover from it this year, according to chat I’ve had with people in that part of the country.
So, on one hand, the golf industry and other businesses are getting hit on the expenses side and again on the revenue side and any rise in insurance rates could add even more to a growing list of concerns.
That growing list of concerns often seems to be growing into a monster.