Extreme weather events such as the wildfires prompting evacuations the Northwest Territories this week will likely lead to costlier home insurance premiums, according to the vice president at Canada’s Insurance Bureau, particularly in Western Canada where wildfires have intensified.
this week will likely lead to costlier home insurance premiums, according to the vice president at Canada’s Insurance Bureau, particularly in Western Canada where wildfires have intensified.The country is suffering from climate change impacts that will leave insurers no choice but to raise protection costs, Craig Stewart, vice president of climate change and federal issues at the Insurance Bureau of Canada, told BNN Bloomberg.
”Over the last 15 years, insured loss payouts in Canada have climbed roughly five-fold, with last year reaching a record $3.4 billion in payouts, Stewart said. “We’ve seen insured losses rise from about an average of $400 million a year in payouts prior to 2009, to over $1 billion dollars a year from 2010 to about 2018,” he said.The losses are not attributed to just one catastrophic event, Stewart explained.
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