Fair Access to Insurance Roundtable (FAIR)
Insurance is a proven method for reducing risk, improving resilience, and promoting recovery from disruptive events. Research has shown, however, that certain populations are less likely to have insurance or appropriate insurance, leaving many un or under-insured. This is due to barriers such as cost, trust, knowledge and appropriateness of products and services.
While all populations can be affected by disruptive events, they disproportionately impact those with underlying vulnerabilities. For people who are un- or under-insured, the financial consequences can be severe leading to additional impacts such as food insecurity, loss of employment, compromised health and even the risk of homelessness. Of particular concern are the growing risks associated with climate change which is giving rise to more frequent extreme weather events that can have lasting impacts on the lives and livelihoods of people.
Project Goal
The goal of this project is to improve the social and financial resilience of vulnerable households by addressing barriers to personal insurance coverage and building community resilience to mitigate the impacts of emergencies.
Activities
The Fair Access to Insurance Roundtable brings together stakeholders from industry, government, the non-profit sector, academia and persons with a lived experience of poverty to collaboratively find solutions to barriers to personal insurance coverage for low-income or vulnerable persons and communities. Using a Knowledge Mobilization approach, best or promising practices will be identified and assessed for feasibility with Roundtable members. Through participation in the Roundtable, opportunities for collaboration between stakeholders will emerge and be supported through implementation.
By developing a coordinated strategy that can overcome the barriers to insurance, vulnerable individuals and communities will be better protected from the impacts of traumatic events. This can include the development of new insurance products and services that are appropriate and affordable to people experiencing low-income and financial stress; increasing awareness of available products and services; clarifying the roles of industry, government and civil society to ensure a coordinated response to disruptive events; and adopting innovative approaches to resilience that can proactively mitigate against the impact of such events. In this way, the social and economic well-being of households will be protected in the event of a major disruption. This can also reduce stress as households are assured of protection and do not need to either spend disproportionate amounts of their income on insurance products and services or bear the risk of being un or under-insured.
Reports and resources
The Poverty of Risk: A Webinar on fair access to insurance. A conversation with Duncan Minty and Cheryl Evans. February 2024.
Get Involved
Join the Fair Access to Insurance Roundtable - The Roundtable meets bi-monthly to share ideas and guide the strategy.
Complete Our Survey - We are seeking input from both those in the insurance industry as well as those who have experienced challenges and barriers to insurance.
Contact
For more information about this project contact Rudo Makoni, Project Coordinator.
Acknowledgements
Funding for this project has generously been provided by The City of Calgary, The Co-operators Insurance Company and the McConnell Foundation.