Canada has recently experienced a series of natural disasters that have resulted in a record-breaking number of insurance claims, according to the Insurance Bureau of Canada (IBC).
The first disaster to strike was the devastating wildfires in British Columbia, which began in June and continued throughout the summer. These fires destroyed over 1.2 million hectares of land and forced thousands of residents to evacuate their homes. The IBC reports that this event alone resulted in over $500 million in insured damages.
Next, in July, a severe hailstorm hit Calgary, Alberta, causing widespread damage to homes, vehicles, and businesses. The IBC estimates that this storm resulted in over $1.2 billion in insured damages, making it the costliest hailstorm in Canadian history.
In August, the province of Ontario was hit by a series of tornadoes, with the most significant one touching down in the Ottawa-Gatineau area. This tornado caused extensive damage to homes and businesses, resulting in over $295 million in insured damages, according to the IBC.
Finally, in September, Hurricane Dorian made landfall in Atlantic Canada, causing significant damage to the provinces of Nova Scotia, New Brunswick, and Prince Edward Island. The IBC reports that this hurricane resulted in over $105 million in insured damages.
Overall, these four natural disasters have led to a record-breaking number of insurance claims, with the IBC estimating that the total insured damages from these events will exceed $2.1 billion. This surpasses the previous record of $1.9 billion set in 2013.
IBC Vice-President of Federal Affairs, Craig Stewart, emphasizes the importance of being prepared for natural disasters and having adequate insurance coverage. He states, “These events serve as a reminder that Canadians need to be prepared for the unexpected and have the right insurance coverage in place to protect themselves and their property.”
The IBC also urges the government to invest in disaster mitigation and adaptation measures to help reduce the impact of future natural disasters. They believe that these investments will not only protect Canadians but also save money in the long run.
In conclusion, the recent natural disasters in Canada have caused significant damage and resulted in a record-breaking number of insurance claims. The IBC stresses the importance of being prepared and having adequate insurance coverage, while also calling on the government to invest in disaster mitigation and adaptation measures.
