The recent flooding in Quebec has caused a significant increase in natural catastrophe losses for the year 2024, reaching a staggering $7.6 billion. This information was reported by the Insurance Bureau of Canada (IBC) in their annual report on natural disasters.
According to the IBC, the province of Quebec has been hit the hardest by natural disasters in 2024, with the flooding being the main contributor to the high losses. The report also stated that this is the second-highest amount of losses recorded in Quebec’s history, with the highest being in 2017 when the province experienced severe flooding.
The IBC also noted that the total losses for natural disasters in Canada for 2024 have reached $10.2 billion, making it the second-highest year for losses in the country’s history. This is a significant increase from the previous year, which saw losses of $2.4 billion.
The report also highlighted the impact of climate change on the frequency and severity of natural disasters in Canada. The IBC stated that the country is experiencing more frequent and severe weather events, such as floods, wildfires, and storms, which are causing significant damage and financial losses.
In response to these findings, the IBC is urging the government and insurance industry to work together to address the issue of climate change and its impact on natural disasters. They are also calling for increased investments in disaster mitigation and adaptation measures to help reduce the impact of future disasters.
The IBC’s report serves as a reminder of the importance of being prepared for natural disasters and the need for proactive measures to mitigate their effects. It also highlights the need for individuals and businesses to have adequate insurance coverage to protect themselves from financial losses in the event of a disaster.
In conclusion, the recent flooding in Quebec has significantly contributed to the high natural catastrophe losses in Canada for the year 2024. The IBC’s report emphasizes the need for collaboration and action to address the impact of climate change on natural disasters and the importance of being prepared for such events.
