Four natural disasters across Canada led to record number of insurance claims: bureau
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Hey there, time traveller!
This article was published 04/09/2024 (392 days ago), so information in it may no longer be current.
TORONTO – The Insurance Bureau of Canada says this summer saw a record number of insurance claims driven by four major weather events and natural disasters over the span of four weeks.
It says the industry is addressing around 228,000 claims, a 406 per cent increase compared with the previous 20-year average, after the flooding in Toronto and elsewhere in southern Ontario, the Jasper wildfire, Calgary hailstorm and flooding in Quebec regions.
Celyeste Power, president and CEO of the Insurance Bureau of Canada, calls it the “most challenging” summer ever for those affected by storms and wildfires.
Cars are partially submerged in flood waters in the Don Valley following heavy rain in Toronto, on Tuesday, July 16 2024. The Insurance Bureau of Canada says this summer saw a record number of insurance claims driven by four major weather events and natural disasters. THE CANADIAN PRESS/Arlyn McAdorey
She says the claims process will take time because of the volume, along with factors such as Canada’s skilled labour shortages and supply chain challenges.
Canada’s home, auto and business insurers reported 160,000 claims for the entirety of 2023.
The bureau says severe weather in 2023 caused more than $3.1 billion in insured damage across Canada.
This report by The Canadian Press was first published Sept. 4, 2024.