Bad weather and natural disasters caused more than $3 billion in insured losses for the second consecutive year in 2023 in Canada.
The Insurance Bureau of Canada’s (IBC) annual tally is dominated by wildfires in British Columbia’s Okanagan and Shuswap regions, which caused $720 million in insured losses.
Other notable events included severe summer storms in Ontario, worth $340 million, and the spring ice storm in Ontario and Quebec in April, which caused power outages and left two dead — and caused $330 million in insured damages.
Summer hailstorms in Winnipeg and Calgary together caused more than $250 million in damage.
On the east coast, a wildfire that ravaged a Halifax suburb in May and June ($165 million) and flooding in late July ($170 million) were both on the IBC list.
This results places 2023 fourth on the BAC list of costliest weather years – with 2016 still at the top of the list, with the devastating wildfire in Fort McMurray, Alberta.
“This grim statistic highlights the financial costs of climate change for insurers, governments and taxpayers,” the BAC said in a statement.
“The increasing frequency and severity of climate-related disasters should be of concern to all Canadians, even if they have not yet been directly affected,” said Craig Stewart, Vice-President, Climate Change and Federal Issues, at IBC.