OTTAWA, Jan. 16, 2019 /CNW/ - Severe weather across Canada continues to highlight the financial costs of climate change to insurers and taxpayers. In 2018, insured damage for severe weather events across Canada reached $1.9 billion, according to Catastrophe Indices and Quantification Inc.
Ice storms, floods, windstorms and tornadoes, did damage to homes, vehicles and commercial properties across the country.
Notably, 2018 has the fourth-highest amount of losses on record. However, unlike the Quebec ice storm in 1998, the Calgary floods in 2013 or the Fort McMurray wildfire in 2016, no single event caused the high amount paid out for losses. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast. These included:
As the financial cost of a changing climate rises, IBC is working closely with governments at all levels to advocate for increased investment to mitigate the future impacts of extreme weather and build resiliency to its damaging effects. This includes investment in new infrastructure to protect communities from floods and fires, improved building codes, better land-use planning and, increasingly, creating incentives to shift the development of homes and businesses away from areas of highest risk.
Insurance Bureau of Canada (IBC) reminds Canadians that it is not only insurers who foot the bill for severe weather damage. For every single dollar paid out in insurance claims for homes and businesses, IBC estimates that Canadian governments pay out $3 to recover public infrastructure damaged by severe weather.
"Climate change is costing Canadian taxpayers, governments and businesses billions of dollars each and every year," said Craig Stewart, Vice-President of Federal Affairs for IBC. "We must take the necessary steps to limit these losses in the future. The cost of inaction is too high."
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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