"In today's world of extreme weather events, the new normal for yearly insured catastrophic losses in Canada has become $2 billion, most of it due to water-related damage," Craig Stewart, vice president of federal affairs for the IBC, said in a statement.
Canada's climate is warming two times faster than the global average, according to a 2019 report. The rapidly changing climate is also increasing the frequency, intensity and duration of extreme weather events like heatwaves, wildfires and floods. This trend is expected to continue for several decades, even if emissions are reduced globally.
Environment Canada noted that 2021 felt like a year where Canada exceeded the number of records broken in terms of natural catastrophes. The top weather events of 2021, as ranked by Environment Canada, include:
Notably, British Columbia was affected by the top five disasters last year, leading Environment Canada to label the province "ground zero for weather catastrophes."
Contact Avant Insurance Brokers Ltd to learn more about being properly insured for possible weather disasters.
May 11, 2022
Ikea Canada recently experienced an internal data breach that exposed the data of 95,000 Canadians. The breach took place March 1-3 when an Ikea employee made a "generic search" in the company's customer database, and some personal information appeared among the results, the company reported.