Extreme weather causing billions of dollars in damage, driving up insurance premiums: StatsCan

The increasing frequency of extreme weather events across the country has caused the amounts paid for catastrophic insurance claims yearly to explode — and annual payouts for the last four years now rank among the ten largest on record, says a new Statistics Canada study.

The report also says that for almost the entire period from the beginning of 2020 to the end of 2023, homeowner insurance premiums in Canada increased at a rate higher than inflation. "At the end of the day, insurers are remaining viable only because premiums have gone up," Craig Stewart, vice-president of climate change and federal issues at the Insurance Bureau of Canada , told CBC News.

It says that despite the increasing intensity of wildfires in Canada,"flooding caused by heavy rainfall, hail and hurricanes remains most detrimental to homeowners, most significantly impacting the coastal regions of Canada." In September of 2021, the year-over-year increase in replacement costs hit 14.4 per cent, just as overall inflation sat at 4.4 per cent.In face of extreme weather, Canadians increasingly turn to crowdfunding for helpdirected him to "invest in reducing the impact of climate-related disasters, like floods and wildfires, to make communities safer and more resilient."

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