2024 saw Canada report a record $7.6B in insured disaster damages due to storms, floods, and wildfires, with home insurance costs surging 350% since 2002.
In 2024, Canada reported a record $7.6 billion in insured disaster damages due to storms, floods, and wildfires, as noted by Aon plc. This marks the highest annual loss in history. Home insurance costs have surged nearly 350% since 2002, driven by climate change and increasing weather event intensity. The Bank of Canada warns of inadequate information regarding private sector climate risk exposure, raising concerns about the affordability and availability of insurance for many households.
October 21, 2024
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