It is no secret that the frequency and severity of natural disasters is on the rise in Canada and worldwide. Hurricanes, tornadoes, forest fires and severe rainstorms are happening more often than ever before and costing us dearly.
Canada’s property and casualty insurers are leading the charge to encourage communities, households and individuals to adapt the way they live and build to minimize the impact of natural disasters associated with our changing climate.
- Water damage is now the leading cause of property damage in Canada, costing insurers approximately $1.7 billion per year.
- Infrastructure failure is to blame for most of the damage caused by severe weather events in recent decades.
- Insurers are working to develop a municipal risk assessment tool that will help municipalities identify infrastructure vulnerabilities and allocate improvement funds strategically.