Federal and provincial politicians in New Brunswick agree something needs to be done to address a lack of insurance coverage for residences and businesses in flood zones, but they seem to differ on whether secondary homes and future builds deserve their intervention. Premier Blaine Higgs and federal Infrastructure Minister Dominic LeBlanc were commenting in the wake of damage to properties along the east coast during post-tropical storm Fiona. According to Higgs, damage to about 100 properties has been reported in New Brunswick.
'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.
What Canadian homeowners need to know about flood insurance
Flooding has surpassed forest fires as the top cause of property damage in Canada in the past several years, costing property owners more than $1 billion in losses each year, according to government figures. Despite the threat, a recent study has revealed that an overwhelming majority of Canadians living in high-risk regions are not only unprepared to deal with the impact of floods, but they are also unaware of the potential danger.
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.