Intense storms in October caused more than $110 million in insured losses across southern British Columbia, according to Catastrophe Indices and Quantification Inc. (CatIQ).
The damages, reported between Oct. 18 and Oct. 20, occurred as a Category 4 atmospheric river brought heavy rainfall and strong winds to the region. CatIQ said the event overwhelmed rivers, backed up sewers and caused widespread flooding in basements, roads, and parking garages.
Communities such as North Vancouver, West Vancouver, Metro Vancouver, Surrey, Coquitlam, and Burnaby were particularly affected.
The Insurance Bureau of Canada (IBC) said the events added to an already record-breaking year for insured catastrophe losses, now topping C$7.7 billion. Insured losses related to severe weather in Canada “now routinely exceed C$3 billion annually,” the IBC added.
In comparison, the average annual claims for severe weather between 2001 and 2010 were significantly lower, at approximately C$701 million.
This year’s extraordinary losses have largely been attributed to four major events, including historic flooding in Toronto and Montreal and severe wildfires and hailstorms in Alberta.
The IBC has reiterated its call for comprehensive action, including full funding for a National Flood Insurance Program. Such a program, the bureau argued, would mitigate future costs and enhance disaster readiness.
“In June 2023, the federal government launched an impressive National Adaptation Strategy, but little progress has been made by all orders of government towards achieving its targets for risk reduction,” stated Jason Clark, IBC’s national director of climate change advocacy.
“As costs mount from climate-fueled disasters, Canada needs to get ready for the next disaster. This is not the time for finger-pointing. This is the time for governments and the private sector to work together to better protect Canadians and our communities.”
Do you have something to say about this story? Let us know in the comments below.
