Intense weather poses a risk to rising insurance costs: Canada’s Insurance Bureau
Weather 10 Days: New Poses A Risk To Rising Insurance Costs
According to experts, one of the many factors driving up insurance costs for customers and exerting pressure on insurers is the growing likelihood of extreme weather events.
Inflation, reinsurance costs, and extreme weather losses have all contributed to higher insurance premiums in recent years, according to Craig Stewart of the Insurance Bureau of Canada.
The fourth-worst year on record, 2023, saw more than $3.1 billion in insured damage due to severe weather, according to the IBC.
Weather Report
Stewart claims that although flooding, strong hail, and windstorms were also major contributors to the damage, wildfires accounted for a sizable portion of the losses.
According to the IBC, the Okanagan and Shuswap wildfires alone cost $720,000 million in damage covered by insurance.
In the meantime, $670 million was spent overall on severe summer storms in Ontario and spring ice storms in both Ontario and Quebec.
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