Canadians are anxious about climate change's impact on property insurance and extreme weather risks, according to a survey.
Three-quarters of respondents expressed concerns about rising insurance costs and environmental threats, as climate change impacts their properties.
The First Onsite Property Restoration Weather and Property Survey found 73% of Canadians sharing this concern, with Atlantic Canada reporting the highest concern at 79%, followed closely by Ontario, British Columbia, and Manitoba.
Insurance losses reached unprecedented levels in 2024, with CatIQ reporting $8.5 billion in severe weather-related property losses - nearly triple the previous year's total and surpassing the 2016 Fort McMurray wildfire record.
Property insurance rates have already increased by 5.28% in 2025, with Alberta experiencing the most significant impact at a 9.07% rate hike following $4.1 billion in damages from events like the Calgary hailstorm and Jasper fire.
The survey highlights growing concerns across various weather-related risks:
"The increased occurrence and intensity of weather-related events is a constant driver for homeowners, businesses, and communities to be more resilient and better prepared," said Jim Mandeville, senior vice president of large loss at First Onsite Property Restoration.
Water-related damage remains a critical issue, with 61% of Canadians concerned about mould development after severe weather events. Approximately 70% of emergency responses involve water-related property damage.
The findings indicate a broader trend of climate change impacts on insurance markets, with 74% of respondents believing climate change is driving up insurance costs - an 8% increase from the previous year.
How are you preparing for increasing climate-related risks? Share your thoughts below.
