http://www.ibc.ca/on/resources/media-centre/media-releases/severe-weather-causes-190-million-in-insured-damage-in-2018
Severe Weather Causes $1.9 Billion in Insured Damage in 2018
January 16, 2019 (OTTAWA) – Severe weather across Canada continues to
highlight the financial costs of climate change to insurers and
taxpayers. In 2018, insured damage for severe weather events across
Canada reached $1.9 billion, according to Catastrophe Indices and
Quantification Inc.
Ice storms, floods, windstorms and tornadoes, did damage to homes,
vehicles and commercial properties across the country.
Notably, 2018 has the fourth-highest amount of losses on record.
However, unlike the Quebec ice storm in 1998, the Calgary floods in 2013
or the Fort McMurray wildfire in 2016, no single event caused the high
amount paid out for losses. Instead, Canadians and their insurers
experienced significant losses from a host of smaller severe weather
events from coast to coast. These included:
January storms and floods that caused more than $54 million in
insured damage across Eastern Canada
February storms and floods that caused more than $57 million in
insured damage across southern Ontario and Quebec
An early-April storm that caused more than $85 million in insured
damage across Ontario and Quebec
A mid-April ice storm that affected southern Ontario and resulted
in more than $190 million in insured damage
An early-May windstorm that affected Ontario and parts of Quebec
and topped $410 million – with $380 million of this damage being in Ontario
Summer storms across the Prairies that caused more than $240
million in insured damage
A flood in Toronto on August 7 that caused over $80 million in
insured damage
Ottawa-Gatineau tornadoes and windstorms on September 21 caused
$295 million in insured damage
December storms in British Columbia that caused $37 million in
insured damage
As the financial cost of a changing climate rises, IBC is working
closely with governments at all levels to advocate for increased
investment to mitigate the future impacts of extreme weather and build
resiliency to its damaging effects. This includes investment in new
infrastructure to protect communities from floods and fires, improved
building codes, better land-use planning and, increasingly, creating
incentives to shift the development of homes and businesses away from
areas of highest risk.
Insurance Bureau of Canada (IBC) reminds Canadians that it is not only
insurers who foot the bill for severe weather damage. For every single
dollar paid out in insurance claims for homes and businesses, IBC
estimates that Canadian governments pay out $3 to recover public
infrastructure damaged by severe weather.
Visit IBC’s website for information on how to prepare for a disaster and
home flooding mitigation techniques.
Quotes
“Climate change is costing Canadian taxpayers, governments and
businesses billions of dollars each and every year,” said Craig Stewart,
Vice-President of Federal Affairs for IBC. “We must take the necessary
steps to limit these losses in the future. The cost of inaction is too
high.”
