Insured losses from extreme weather events exceeded $3 billion in Canada for the second straight year, according to a new report, highlighting concerns about the growing cost of weather-related disasters.Humberto Pinochet had to start over after his home and studio were damaged following the flooding last May in Baie-Saint-Paul, Que.
"It's important to note these losses are coming from not any one single type of event," said Craig Stewart, the group's vice-president of climate change and federal issues. Residents make their way to dry land in Gatineau, Que., in May. The Insurance Bureau of Canada said flooding remains the costliest weather-related source of insurance claims in Canada.
Joanna Kanga, a spokesperson for the minister of Emergency Preparedness, said the federal government "continues to engage provinces and territories, industry stakeholders and Indigenous representatives on the development and implementation of the low-cost flood insurance program.
Source: Insurance Report (insurancereport.net)
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