Quebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.
These figures are based on historical data presented during a Flood Task Force Update by a federal government official at the Cat IQ Connect virtual series.
Here’s what every province’s average loss expected to occur each year is, (from highest AAL per RA to the lowest):
Total Average Annual Loss (AAL)
Residential Addresses (RA)
AAL per RA
Prince Edward Island
Newfoundland and Labrador
The total annual average loss for all of Canada reaches $2.97 billion dollars, with over 15.4 million residential addresses, according to the actuarial analysis. That would make the average annual loss per residential address $192.7.
These figures are based on historical data presented during a Flood Task Force Update by Matthew Godsoe, director of the resilience and economics integration division at Public Safety Canada, at the Cat IQ Connect virtual series.
“This is what the breakdown looks like per residential address across the country when we splash out the total annual average losses from the damage functions across those provinces,” says Godsoe. “Most of the data that we have is between 50 and 100 years old for historical [analysis] across the country.”
“There’s a limited number of properties that have extreme flood risk that drive up the average costs for everyone,” says Godsoe. These figures also allow the industry to be more targeted with risk management activities, he notes.