September 14, 2018 by Staff
July and August storms that occurred in Alberta and Saskatchewan caused more than $240 million in insured damage, according to a release from the Insurance Bureau of Canada (IBC).
“Costs from severe weather events in the Prairies and across the country have been increasing,” said Celyeste Power, acting vice-president for IBC’s Western region. “Insured losses are only part of the picture; taxpayers also foot the bill.”
The current cost of severe weather events in Canada this year sits at $1.4 billion in insured losses.
“We all have a role to play in adapting to the changing climate,” Power said. “We need to look at increased access to flood maps so that consumers understand their risk, better land use planning and updated building codes.”
IBC noted several other weather events that caused significant damage to the Prairies this year:
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This story was originally published by Canadian Insurance Top Broker.