Canada experienced a record-breaking $8.55 billion in insured damage from severe weather in 2024, surpassing the previous high of $6.2 billion set in 2016.
A new report reveals that insured damage caused by severe weather last year reached a record high, surpassing $8 billion. Catastrophe Indices and Quantification Inc. indicates that the cost of insured damage amounted to $8.55 billion for 2024, surpassing the previous record of $6.2 billion set in 2016 during the Fort McMurray wildfires in Alberta. The Insurance Bureau of Canada (IBC) states that summer 2024 stands as the most destructive season in Canadian history for insured losses.
The summer witnessed $3 billion in damages stemming from a hailstorm in Calgary, where golf ball-sized hailstones battered the city's airport in August, damaging aircraft and forcing airlines to ground planes for repairs and inspections. August 2024 also saw Hurricane Debby's remnants inflict $2.7 billion in insured damage, as half a million residents in Quebec experienced power outages. The Jasper wildfire caused $1.1 billion in insured damage between July and August.The IBC, in a news release, stated that severe weather-related losses are escalating across Canada and disproportionately impacting home insurance costs. 'As insurers price for risk, this increased risk is now impacting insurance affordability and availability,' Craig Stewart, IBC's vice-president of climate change and federal issues, said in the release. He urged governments to take a more proactive approach by investing in flood-defensive infrastructure, ensuring homes are not built on flood plains, and implementing other measures to safeguard people and their homes from extreme weather events
SEVERE WEATHER INSURED LOSSES CANADA WILDFIRE HURRICANE
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