Toronto, Ontario — According to recent reports, Canada’s property and casualty insurance industry is set to pay close to $9 billion in natural catastrophe (NatCat) losses by the end of the year.
As noted by Canadian Underwriter on its webinar, ‘Canada in a de-globalized world,’ which occurred last Thursday: “thus far, the official tally in insured losses is $7.7 billion, but that number is continuing to rise.”
Specifically, Institute for Catastrophic Loss Reduction (ICLR) executive director Paul Kovacs further commented that “the new number for this year is $8.3 billion, and those of us who watched the [provincial] election in British Columbia a few weeks ago and saw those cars floating down the street as people couldn’t vote, we still haven’t added that one in. So, it’s quite possible that when we finally get to December and add everything up, that we will be at $9 billion this year.”
Canadian Underwriter continued that “while this is a record year for NatCat damage in Canada, shattering the old record of $5.9 billion, driven by the Fort McMurray, Alta., wildfire, and adjusted for inflation, it’s part of a larger trend of increasing frequency and severity of storms worldwide.”
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