Following a year of devastating weather-related disasters in Canada, insurers are warning of significant home insurance rate increases in 2025. The Insurance Bureau of Canada reports that 2024 saw the highest insurance payouts on record, reaching $8.55 billion, driven by events like wildfires in Jasper and flooding in the Greater Toronto Area. Experts warn that climate change is fueling these severe weather events and urge governments to invest in preparedness and community resilience.
With 2024 being the single-most expensive year on record in terms of insurance payouts in Canada , following a swath of devastating weather-related disasters, insurers are warning that home insurance rates in 2025 are likely to increase significantly.About one-third of the buildings in Jasper were destroyed by a wildfire in July 2024. Insurers warn rates will likely increase in 2025 after a series of costly climate disasters last year.
Jason Clark, the national director of climate change at the Insurance Bureau of Canada, said that Canada was becoming a riskier place to live, work and insure. Clark said that the insurance bureau is only able to calculate the insured loss, and the total losses from climate disasters are much higher. "With over $8 billion paid out in claims as a result of weather phenomena, it wouldn't be surprising to see a pretty significant hike on home insurance rates," he said.Tony Gioventu, executive director of the Condominium Home Owners Association of B.C., says climate risks are particularly pronounced in B.C.
HOME INSURANCE CLIMATE CHANGE INSURANCE RATES WEATHER DISASTERS CANADA
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