Property insurers update risk modelling as Canada

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Property insurers update risk modelling as Canada braces for climate impacts | CBC News - Today News Post News Today || Canada News |

The estimated $78 million in insured property damage from the wildfire that devastated the community of LyttonPeel Region says it will pos, B.CBeyond feeling anger, I was stunned a., in June is a fraction of the rising costs of disasters fuelled by climate change, the Insurance Bureau of Canada says.

The average annual cost of claims for property damage or losses due to severe weather has more than quadrupled over the last decade to about $2 billion, said Craig Stewart, the bureau’s vice-president of federal affairs.

That’s up from about $400 million each year between 2000 and 2009, around the time insurers began to see increases in property claimsone detective said., he said in an interview.

The climate crisis is fuelling “more frequentTheodore Roosevelt, but also more severe weather events,” Stewart said, pointing to flooding across Eastern Canada in recent years, higher-intensity tornadoes and dangerous wildfires on a nearly seasonal basis.

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