Kamloops city staff say a rate hike on insurance for assets could be coming in the not-too-distant future.

Director of corporate services Kathy Humphrey says most insurance companies are multi-national, and she says many are looking to recover costs because of environmental disasters like wildfires in California and Australia.

“We have heard from several other municipalities where they’ve had a seven, eight or nine per cent increase of their rate. I don’t know that we can hold it off for long, because that’s really an international problem with insurance companies, with all of the environmental disasters that are happening all over the world,” Humphrey says.

“The insurance companies are paying out huge premiums and therefore looking to recoup from the rest of their insurers. We are good for the next couple of years but I suspect, eventually, that will come forward.”

That said, Humphrey says insurance rates on assets in Kamloops have been kept down over the years compared to other municipalities, because of a lack of significant claims.