For the first time in Canadian history, severe weather events in 2024 exceeded $8 billion in insurance claims.
According to Catastrophe Indices and Quantification Inc., this amount shattered the previous record of $6 billion following the wildfires in Fort McMurray, Alberta.
THE October 18-20, storms in southern British Columbia were the province’s costliest event with claims of $120 million.
The Insurance Bureau of Canada (IBC) said intense rain and winds – which triggered a local state of emergency in North Vancouver on October 20 – led to overflowing rivers, sewer backups and flooding on roads, in parking lots and basements.
Four people were killed in the storms.
“Unfortunately, beyond the staggering financial losses, hundreds of thousands of Canadians have had their lives and livelihoods disrupted,” said Celyeste Power, President and CEO of the Insurance Bureau of Canada.
“Canada’s P&C insurers have been there every step of the way and continue to be on the ground, helping their customers rebuild and recover. The industry is doing its part, but it is time for governments to take decisive action to protect Canadians from these dangerous and growing events.
The most destructive event to occur in Canada last year was August hailstorm in Calgarywhich caused $3 billion in insured losses in just over an hour.
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Since 2019, the IBC said Canada has seen a 115 percent increase in the number of personal property damage claims and a 485 percent increase in personal property repair and replacement costs.
He warns that the increased frequency and severity of weather-related losses will continue to increase insurance costs.
“Canada is clearly becoming a riskier place to live, work and get insurance. As insurers assess risk, this increased risk is now impacting the affordability and availability of insurance,” said Craig Stewart, Vice President, Climate Change and Federal Issues at IBC.
“Canadian governments must be more proactive to properly manage and mitigate risks. Governments should invest in flood defense infrastructure, adopt land use planning rules to ensure homes are not built on floodplains, facilitate FireSmart in communities located in areas at high risk of wildfires. forest and implement long-delayed building codes that better protect homes and livelihoods. .”
Other events that were on the list included the Jasper wildfire in August, flooding in the Greater Toronto Area in July and August and a freezing in Western Canada in January.
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