Experts warn that weather-related incidents could raise insurance premiums.
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Experts claim that a growing likelihood of extreme weather events is just one of several pressures on insurance providers that may lead to higher premiums for policyholders.
According to him, the cost of reinsurance, inflation, and severe weather-related losses have all pushed up insurance premiums in recent years.
The fourth-worst year on record, 2023, saw over $3.1 billion in insured damage due to severe weather, according to the IBC.
Windshield Experts
Stewart points out that although wildfires were responsible for a large portion of those losses, severe hail, windstorms, and flooding also caused substantial damage nationwide.
The IBC reports that the Okanagan and Shuswap wildfires alone cost $720,000. million in damage covered by insurance.
In the interim, $670 million was spent on severe summer storms in Ontario and spring ice storms in both Ontario and Quebec.
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