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Insured damages from natural catastrophes and severe weather in Canada topped $3 billion for the second year in a row.
At $3.1 billion, 2023 was the fourth worst year for insured losses on records going back to 1983, said the Insurance Bureau of Canada this week.
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“This grim statistic highlights the financial costs of a changing climate to insurers, governments and taxpayers,” the bureau said in a press release.
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“While 2023 was a record-breaking year for wildfires, flooding also continued to cause destruction in nearly every region across Canada.”
Canada is now viewed a riskier place to insure because of the rising losses and revised risk modelling, said the bureau. As a result, numerous Canadians cannot get flood insurance and it is becoming harder for some households to get insurance for earthquakes and other such hazards.
The insurance bureau urged the federal government to move…
