IBC reveals huge cost total of severe weather events in 2019

IBC reveals huge cost total of severe weather events in 2019 | Insurance Business

IBC reveals huge cost total of severe weather events in 2019

Much like previous years, severe weather events cost Canada millions of dollars in insured damage in 2019 – despite the lack of a major disaster event that typically accounts for most of the cost, a new report from the Insurance Bureau of Canada (IBC) has revealed.

Citing information from Catastrophe Indices and Quantification, IBC said that 2019’s floods, rain, snow and windstorms led to $1.3 billion in insured damage. This puts 2019 as the seventh highest in insured losses on record.

Top-10 Highest Loss Years on Record

Read more: IBC: Eastern Canada Halloween storm caused more than $250 million in insured damageIBC noted that, just like 2018, no single catastrophe event in 2019 could be blamed for the high amount paid. Instead, a series of significant losses from a host of smaller severe weather events were to blame. Of note, the Halloween storm that affected parts of eastern Canada was the costliest weather event of 2019, resulting in $250 million in insured losses.

Top Insured Damage Severe Weather Events in 2019

Stewart added that the IBC is calling all orders of government to cooperate to reduce Canada’s collective climate risk. He has suggested the creation of a national action plan to address flooding as a first step in that direction.“The cost of climate change to Canadians, their businesses and governments continues to rise,” commented IBC vice-president of federal affairs Craig Stewart.