(Toronto) The Storm Fiona will have caused between 300 million and 700 million in insured losses in Atlantic Canada, a record level in the region, calculated DBRS Morningstar.
Posted at 2:03 p.m.
In a report, the rating agency said that amount was roughly in line with previous natural disasters in other provinces, such as the floods in British Columbia last year, whose insured losses totaled $515 million.
Atlantic Canada represents a small portion of the national property insurance market, the report said.
However, Fiona will probably be one of the biggest catastrophic events in the region, and more may be on the horizon. Climate change increases the risk of major storms similar to the one that occurred this weekend.
According to DBRS Morningstar, insurers may be more cautious in assessing risk in the region and will likely hike premiums to cover rising payment costs.