SEVERE WEATHER IN CANADA IN 2020 CAUSED C$2.4BN IN INSURED LOSSES

Severe weather in Canada last year caused around C$2.4bn ($1.88bn) in losses for re/insurers, ranking 2020 as the fourth highest loss year on record for the country, according to data compiled by Catastrophe Indices and Quantification, as reported by the Insurance Bureau of Canada. Losses for the year were driven by the hailstorm that struck Calgary on June 13, costing reinsurers C$1.3bn, and flooding in and around Fort McMurray from April 26 to May 3, causing C$562m in losses. “Canadians continue to experience accelerating financial losses from climate change,” said IBC vice-president of federal affairs Craig Stewart. “While acknowledging the importance of a resilient recovery, the federal government lacks any national plan to protect Canadians from floods, fires, windstorms and hail. For all its work on reducing climate threats, too little attention is being paid to the losses Canadians are facing today due to past inaction,” he said.