Extreme Weather Costs

Two Provinces Battered by Summer Thunderstorms

The early July storms hit Ontario and Quebec hard between June 30 and July 3, according to CatIQ assessments reported by Ottawa Sun. Thousands of homes and businesses faced damage from heavy rains, hail, and severe winds. The $439 million in insured losses makes this one of the costlier summer weather events in recent years for the region.

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Canada's Extreme Weather Costs Keep Climbing

The pace of insured losses from extreme weather has accelerated dramatically. According to Montreal Gazette, insured losses jumped from $883 million per year in the 2000s to $1.4 billion annually in the 2010s. The current decade is running even higher at $3.7 billion per year — a fourfold increase from two decades ago.

2024 shattered all records. Canada faced $9 billion in total insured losses last year, far outpacing any previous year. The Ontario and Quebec storms add to mounting financial pressure on both insurers and homeowners facing rising premiums.

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Insurance Industry Calls for Government Action on Flood Risk

Maximilien Roy, Vice-President of Strategy at the Insurance Bureau of Canada, says the storms expose a critical need. Mitchell Advocate reports that Roy called for greater investment in measures to reduce flood risk. The insurance industry argues that preventing damage costs far less than paying claims afterward.

The Insurance Bureau is pressing all levels of government to act now. They want immediate steps to reduce Canada's exposure to extreme weather and protect residents from future losses. Without action, costs will likely keep rising as climate patterns grow more volatile.

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