White Rock Lake wildfire causes $77 million in insured damage

VANCOUVER, BC, Sept. 23, 2021 /CNW/ - The wildfire in White Rock Lake, British Columbia, that started on August 2 is now estimated to have caused $77 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Over 800 claims are expected from this event, the majority being related to residential properties.

"Canada's insurers are here to help the residents of Killiney Beach, Monte Lake and other areas impacted by the White Rock Lake wildfire recover and rebuild following the devastation it has caused," said Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC). "Anyone who has been impacted by this event, or has questions about their home, vehicle or business insurance, should call their insurance representative or IBC's Consumer Information Centre at 1-844-2ask-IBC."

BC wildfires have devastated British Columbia this summer and are a tragic reminder of the increasing risk facing communities across the province, and country, from a changing climate. As our climate changes, the frequency and severity of weather events like wildfire are increasing, as are the financial costs borne by insurers and taxpayers.

Governments at all levels must do more to prioritize investments that build our resilience and better protect our families and communities. The Province's upcoming renewal of its Climate Adaptation Strategy is an important opportunity for BC to become a leader in Canada in this regard. Similarly, Canada must prioritize its work on a national adaptation strategy including a high-risk flood insurance pool to address climate-related disasters such as extreme heat, wildfires, floods, windstorms and hail. Increased collaboration across the public and private sector collaborate is essential to defending Canadians from these events.

"As we continue to see the increasing impacts of our changing climate, it's clear much more must be done to create a culture of preparedness and build our resiliency to the risks we face," said Sutherland. "We all must do better to prepare for wildfires, floods, heat, hail and windstorms. These perils are having an outsized impact on those most vulnerable and, as a result, we must greatly enhance our efforts to mitigate future change and adapt to the new weather reality we face."        

The amount of insured damage is an estimate provided by CatIQ (www.catiq.com) under licence to IBC.

Resources

If you have questions, contact your insurance representative or IBC's Consumer Information Centre at 1-844-2ask-IBC.

For additional information, visit BC Wildfires or email [email protected].

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.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @IBC_Pacific 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.

SOURCE Insurance Bureau of Canada