The Concrete Council of Canada recently enlisted GLOBE Advisors to conduct a study of the property insurance costs for wood frame and concrete mid-rise residential buildings which revealed the great risk and insurance costs that come with wood framing. Data from the study, "Insurance Costs for Mid-Rise Wood Frame and Concrete Residential Buildings," was drawn from numerous sources including interviews with the Canadian Wood Council which notes the average rate per $100 monthly for wood is $0.053 while concrete costs $0.008.
One of the reasons for this higher rate is that wood has a greater fire peril than concrete:
The fire insurance portion of property insurance is 7 to 11 times higher for wood than for concrete structures, reflecting the far greater fire peril due to wood's combustibility. Fire damage to a wood frame structure can result in a total loss, whereas for concrete, the financial loss is only partial. Only 1% of concrete buildings are demolished due to fire, compared to 8% of wood frame buildings.