Insured water losses in Nova Scotia double over four years: IBC

Insured water losses in Nova Scotia almost doubled over four years, increasing from more than $20 million in 2005 to more than $38 million in 2009.

Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), presented this information during a tour of Atlantic Canada to discuss severe weather, with an emphasis on water damage. He spoke in New Brunswick on Feb. 22, noting water damage losses in New Brunswick over a four-year period had almost quadrupled.

In Halifax, Forgeron noted that Hurricane Irene caused about $130 million in insured damage. IBC material notes that Hurricanes Earl and Igor together caused more than $75 million in insured damage. And locally, in Fall 2010, more than 200 mm of rain fell over four days in southwest Nova Scotia, forcing 120 families out of their homes.

Forgeron applauded the province for investing in adaptation through the Atlantic Climate Solutions Project. The co-operative enterprise of the Atlantic provinces brings together communities, organizations and universities to work on adaptation strategies.

“We are excited about partnerships like this because water is not just my industry’s problem, it has become everyone’s problem,” Forgeron said.