An atmospheric river that swept through southern British Columbia in October caused extensive damage, resulting in over $110 million in insured losses, according to Catastrophe Indices and Quantification Inc. (CatIQ).
The severe weather event, classified as a Category 4 atmospheric river, occurred from October 18 to 20 and brought intense flooding to multiple communities, including Coquitlam, Burnaby, and Metro Vancouver.
Heavy rainfall and powerful winds caused rivers to overflow, flooding homes, businesses, and roads, the Insurance Bureau of Canada (IBC) noted. Sewer backups and flooded basements were reported widely across the region, with North Vancouver declaring a local state of emergency on October 20.
“Damaged property can be repaired or replaced, however, our thoughts continue to be with the families and friends who lost loved ones as a result of this storm,” said Aaron Sutherland, vice president of Pacific and Western at IBC.
“Over the past few weeks, insurers have been on the ground working to assist their customers in the recovery process following this latest flood event. Reconstruction will take time, and insurers will be there every step of the way.”
In a news release, IBC said that despite the availability of residential flood insurance in many affected areas, coverage remains limited or unavailable for properties at the highest risk of flooding.
It estimated that around 10% of Canadian households lack access to flood insurance. Homeowners without coverage are often forced to rely on government disaster assistance.
“While insurers will be paying out millions of dollars in claims for this event, we expect total losses to be far higher due to the number of uninsured properties, as well as damage to public infrastructure,” said Jason Clark, national director of climate change advocacy at IBC.
Canada’s insurance industry has experienced unprecedented claims from severe weather in 2024, noted the news release. Insured losses this year have exceeded $7.7 billion, surpassing the annual average of $3 billion in recent years. Summer weather disasters, including flooding in southern Ontario and Quebec, the Jasper wildfire, and the Calgary hailstorm, accounted for billions in insured damage.
Experts highlight the importance of comprehensive strategies like the federal government’s National Adaptation Strategy, launched in June 2023. IBC and others call for accelerated action to meet risk-reduction targets and improve resilience. IBC continues to urge the federal government to fully fund a National Flood Insurance Program to ensure all Canadians have access to flood protection.
“With climate change increasing the frequency and severity of disaster events, Canada needs to reduce the number of families and communities that are being impacted by disasters, as well as enable better prevention, response and recovery from these catastrophic events,” said Clark.
“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.”
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