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Severe weather in Canada causes $1.9 billion in insured damage in 2018

Staff Writer |
Severe weather across Canada continues to highlight the financial costs of climate change to insurers and taxpayers.

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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.

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

amaged by severe weather.


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