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Why Extreme Weather Events Affect Insurance Premiums

Posted By on 04-04-2019
Why Extreme Weather Events Affect Insurance Premiums

The latest news from within the insurance industry deals with the ever increasing costs of extreme weather events in Canada and just how these environmental catastrophes are affecting the premiums of the average insurance consumer.

The most recent statistics show that in Canada alone, the insurance industry paid out approximately $1.9 billion for damages caused by extreme weather.

After reading that, it’s probably a great time to consider the coverages you have on your own home and vehicles. It’s an even better time to read over those coverages carefully and find out what they actually mean. If you need futher clarification on anything, it’s a great time to reach out to your broker.

A windstorm along the coast of B.C. caused $37 million in damages in one day alone. There was approximately $200 million in losses due to bad weather in the Prairies and if you add in  the $300 million in damages caused by the tornado that hit the Gatineau/Ottawa area, it’s not hard to see how quickly these catastrophes add up to one big bill that inevitably gets shared by insurance consumers across the country.

Freezing Rain | Blizzards | Heavy Snow | Damaging Wind | Fire | Water

“Considering the steep price of extreme weather events and a changing climate, the Insurance Bureau of Canada continues to work with governments across the country to advocate for increased investment to mitigate the impacts of extreme weather in the future, and make communities more resilient to its damaging effects.”

Insurance Business Canada

For more information check out our other great posts:

Flooding & The Effects On Your Vehicle
Hail Damage In Alberta
Purchasing A Car From The U.S

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