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.
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.
Last week, IBC national director Rob Dupree said there have been about 2,500 insurance claims made related to the Jasper wildfire, whereas about 25,000 claims have been filed related to the Ontario floods, 35,000 claims related to the Calgary hail storm and 70,000 claims related to the Montreal floods.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
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.
More on Canada
© 2024 The Canadian Press