Canada Faces Record $8.5 Billion Weather Damage in 2024, Insurability at Risk
January 14, 2025
In 2024, Canada experienced a staggering $8.5 billion in insured damage from severe weather events, significantly exceeding the previous record of $6 billion set in 2016.
British Columbia endured its fourth-worst wildfire season, compounded by multiple deadly storms that caused flooding and landslides.
Four catastrophic weather events in July and August alone accounted for over CAN$7 billion in losses, including a significant wildfire in Jasper National Park that led to the evacuation of 25,000 people.
Notably, flooding in the Greater Toronto Area resulted in nearly $1 billion in insured damages, while Hurricane Debby caused $2.7 billion in losses in Quebec.
The most damaging incident of the year was an August hailstorm in Calgary, which inflicted approximately $3 billion in insured losses in just over an hour.
Jason Clark from the Insurance Bureau emphasized that climate change is making living and working in Canada increasingly risky, urging government investment in community resilience and preparedness.
The Insurance Bureau of Canada (IBC) cautioned that without collaboration between governments and the private sector, many areas in Canada could become uninsurable.
The IBC predicts that home insurance rates will rise in 2025 due to the increasing frequency and severity of climate-related disasters.
Ryan Ness from the Canadian Climate Institute warned that if current climate trends persist, damages could escalate to hundreds of billions of dollars annually by the century's end.
The IBC has stressed the urgent need for investment in infrastructure, improved land-use planning, and updated building codes to mitigate risks associated with climate change.
Experts warn that without decisive action to enhance community resilience, home insurance premiums are likely to continue rising, jeopardizing affordability and availability.
Since 2019, Canada has seen a staggering 115% increase in claims for personal property damage and a 485% rise in repair costs, leading to higher insurance premiums.
Summary based on 4 sources
Get a daily email with more World News stories
Sources

Phys.org • Jan 14, 2025
Canadian insurers face record costs from 2024 extreme weather
The Globe and Mail • Jan 14, 2025
Damage from natural disasters in Canada hit record $8.5-billion in 2024, as industry group warns some regions may become uninsurable