Caused Synonym :$3.1 Billion In Insurance Losses Now

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BC wildfires in 2023 caused $720 million in insurance losses.

Caused Synonym :$3.1 Billion In Insurance Losses Now

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The historic wildfire season of 2023 in British Columbia resulted in more than $720 million in insurance losses, burning more land than any previous record.

The Insurance Bureau of Canada reported that in 2023, the insurance costs were higher than those of any other extreme weather event in the nation.

The bureau has stated that as a result of the losses incurred, it will be more difficult for Canadians to get and afford flood and wildfire insurance going forward.

“In the federal budget for the previous year, the government made a commitment to a nationwide flood insurance program. But too many

Canadians are now at risk from the consequences of our changing climate due to a lack of progress, according to Craig Stewart, vice-president of Climate Change and Federal Issues at the Bureau of Canada.

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“After it is implemented, this program will give Canadians who live in high-risk areas peace of mind and reasonably priced financial protection in the event of a flood.

If the program is to be implemented before the next federal election, details must be distributed to our industry and the provinces this winter. It is estimated that the insured damage total for the nation was $3.1 billion.

According to the bureau, Canada’s annual extreme weather events cause damages that regularly top $2 billion.

Stewart stated in a release that “all Canadians, even if they have not yet been directly affected, should be of concern about the increasing frequency and severity of climate-related disasters.”

Canada has been contacted by Global News for comment.

It sent an email with a statement.

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A federal spokesperson stated, “The Government of Canada is investing $164.2M in the Flood Hazard Identification and Mapping Program (FHIMP) under the National Adaptation Strategy to help Canadians better plan and prepare for future floods, over the next five years.”

Furthermore, we are allocating $15.3 million over three years through Budget 2023 to establish an online portal that is open to the public and provides

Canadians with information about their vulnerability to flooding. Details of the program are being developed and will be shared with Canadians when appropriate.

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