Canadian insurance industry faces rising claims, staffing shortages, and premium increases due to climate change-related severe weather.
Canada's insurance industry is grappling with a surge in claims due to severe weather events attributed to climate change, leading to staffing shortages and potential delays in claims processing. Over the past decade, claims related to extreme weather have risen by 93%, with average annual insured losses increasing to C$2.2 billion. Insurers are raising premiums and excluding certain businesses to manage these unexpected claims, and challenges are expected to escalate.
September 03, 2024
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