The impacts of floods, wildfires and other catastrophic events are on the rise in Canada. They’re already costing the country billions of dollars in losses, which only stand to grow in the coming years.
The Canadian insurance industry defines a catastrophic event as one that exceeds a threshold of $25 million in insured losses — the portion covered by private insurance. Insurance claims due to extreme weather reached $1.9 billion in 2018, including the late December wind storm on British Columbia’s south coast that downed trees and powerlines, and damaged more than 3,000 homes. Insured catastrophic losses in Canada.
All figures in 2018 dollars. Insurance Bureau of Canada, Author provided These costs have come close to, or exceeded, $1 billion in most years since 2009. They surpassed $1. (...)