Insurance Bureau of Canada

Insurance Bureau of Canada Encourages Residents in Atlantic Canada to Prepare for 2023 Flood Season

Insurance Bureau of Canada Encourages Residents in Atlantic Canada to Prepare for 2023 Flood Season

As the warmer spring weather arrives in Atlantic Canada, rain coupled with snowmelt in parts of the region presents an increased risk of flooding. Insurance Bureau of Canada (IBC) is informing consumers about how they can prepare for the 2023 flood season by protecting themselves and their property from water damage. "As we've seen many times across the Atlantic Canada, flooding can cause extensive damage to your home and property," said Amanda Dean, Vice-President, Atlantic, IBC. "Being prepared for any severe weather event is important for your personal safety and financial security. Part of that includes mitigating any damage to your property when it is safe to do so."

One in three Canadians think their home insurance policies cover water damage

One in three Canadians think their home insurance policies cover water damage

With severe weather becoming less and less of a rarity across Canada, home insurance is climbing up the list of things Canadians have to double-check. And yet a new survey has found that one in three Canadian homeowners mistakenly think their standard home insurance policy includes flood protection. It doesn’t. The Insurance Bureau of Canada recently revealed that severe weather insurance claims shot up 400% from 15 years ago. Most recently, hurricane Fiona tore through Atlantic Canada and left $660 million worth of insured damage in its wake, making it the most expensive severe weather event in the region.

Why home insurance will get more expensive for all of us and unaffordable for some: experts

Why home insurance will get more expensive for all of us and unaffordable for some: experts

As extreme weather events such as forest fires and floods become more severe and common thanks to the effects of climate change, experts say that could result in more expensive home insurance in the long term. Morgan Roberts, insurance sales director at Ratehub.ca, says the increasing frequency of claims means that insurance companies could try to implement more premium hikes.

IBC Cautions Residents in Atlantic Canada: Take steps to prepare for Hurricane Fiona

IBC Cautions Residents in Atlantic Canada: Take steps to prepare for Hurricane Fiona

In anticipation of Hurricane Fiona, Insurance Bureau of Canada (IBC) is sharing the following tips and advice to help keep you, your family and property safe. "A hurricane can cause extensive damage regardless of its category. Being prepared for any severe weather event is important for your personal and financial security," said Amanda Dean, Vice-President, Atlantic, IBC. "We want to ensure that residents in Atlantic Canada are ready for strong wind or heavy rains that Hurricane Fiona may bring to the region. Even a significantly weakened hurricane can carry winds strong enough to cause widespread destruction."

'Hard pill to swallow': $2 billion in climate change damage the 'new normal'

 'Hard pill to swallow': $2 billion in climate change damage the 'new normal'

Severe weather led to $2.1 billion in insured damages in 2021, making it the sixth costliest year in Canada's history, says the Insurance Bureau of Canada (IBC). In tallying the cost, the national insurance organization said climate change is already showing just how expensive a world-dominated catastrophe will be. Last year, the most expensive single event occurred in November when an atmospheric river triggered widespread flooding across southern British Columbia and led to $515 million in claims.

B.C. floods cause at least $450M in damage, Insurance Bureau of Canada reports

B.C. floods cause at least $450M in damage, Insurance Bureau of Canada reports

The Insurance Bureau of Canada estimates the insured damage caused by flooding in British Columbia last month at $450 million, calling it the “most costly severe weather event in the province's history.” However, the overall costs are expected to be much higher since many people affected by the flooding in southwestern B.C. were located in high-risk areas where flood insurance was not available, the bureau said in a news release.

Cost of damage from B.C. flooding could be 'catastrophic,' expert says

Cost of damage from B.C. flooding could be 'catastrophic,' expert says

"We are considering this to be a catastrophic loss," Rob de Pruis, director of consumer and industry relations at the Insurance Bureau of Canada, told CTV National News. Floods in both Toronto and Calgary in 2013 prompted the Canadian insurance industry to offer what it called "overland flood coverage" starting in 2015. The Insurance Bureau of Canada estimates about 50 per cent of B.C. property owners have purchased it. "We do know and we have received reports of overland flood damage, sewer backups, even wind damage," de Pruis told CTV News Vancouver. "If you have been evacuated and you do have the overland flood coverage, you also have coverage for your additional living expenses."

Islanders may have hard time finding storm surge insurance as climate change risks rise

Islanders may have hard time finding storm surge insurance as climate change risks rise

Islanders looking toward a future of more frequent extreme weather events may not be able to find the protection they need through insurers just yet. A report released last month said that by 2050, the province will see significantly more severe weather conditions due to climate change. The report said there will be increased risk of coastal erosion, heat waves, heavy rain, flooding, severe ice storms and droughts.