A new report reveals that insured damage caused by severe weather in 2024 reached a record high of $8.55 billion, surpassing the previous record set in 2016. The Insurance Bureau of Canada attributes the surge to the summer of 2024, which experienced devastating events like a hailstorm in Calgary and hurricane Debby remnants in Quebec. Insurers are anticipating continued increases in losses and are exploring strategies like pricing adjustments and mitigation measures to address the escalating risks.
The Canadian PressA devastated neighbourhood in west Jasper, Alta. on August 19, 2024. Wildfire caused evacuations and widespread damage in the National Park and Jasper townsite.TORONTO — A new report says the cost of insured damage caused by severe weather last year hit a record high as it totalled more than $8 billion.
The Insurance Bureau of Canada says the summer of 2024 stood out as the most destructive season in Canadian history for insured losses. August 2024 also saw the remnants of hurricane Debby do $2.7 billion in insured damage as half a million residents in Quebec had their power knocked out.Insurers are bracing for higher losses each year, said Matt Hands, vice-president of insurance for Ratehub.ca.Insurance companies are looking at how to make up for higher losses not only through pricing but also through mitigation, he said.
He called on governments to be more proactive by investing in flood-defensive infrastructure, ensuring homes aren't built on flood plains, and making other changes that would protect people and their homes from extreme weather events.
WEATHER INSURANCE CANADA DISASTERS CLIMATE CHANGE
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