According to Insurance Business Canada magazine, extreme weather events in Canada cost the insurance industry $1.9 billion in 2018, which is part of the reason consumers are seeing a raise in premiums.
A windstorm along the coast of B.C. caused $37 million in damages in one day alone.There was approximately $200 million in losses due to bad weather in the Prairies and if you add in the $300 million in damages caused by the tornado that hit the Gatineau/Ottawa area, it's not hard to see how quickly these catastrophes add up to one big bill that inevitably gets shared by insurance consumers across the country.
"Considering the steep price of extreme weather events and a changing climate, the Insurance Bureau of Canada continues to work with governments across the country to advocate for increased investment to mitigate the impacts of extreme weather in the future, and make communities more resilient to its damaging effects." Insurance Business Canada
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