A CATASTROPHIC CALENDAR
The Insurance Bureau of Canada (IBC) has released a “One-Year Update Following 2023 Nova Scotia Wildfires and Flooding” report that details that insured losses in the province are now approaching half a billion dollars.
The report specifically highlights the aftermath of two storms that affected the province in the late spring and early summer of 2023. Notably, from May 28 to June 4, 2023, a wildfire ripped through communities in the Halifax Regional Municipality. Then, on July 21, 2023, an atmospheric river event led to significant flooding in parts of Nova Scotia, including Halifax, East Hants, West Hants and Lunenburg and Queens. During this storm, more than 20 centimetres of rain fell in less than 24 hours.
The report further notes that the wildfire event saw a total of 150 automotive claims resulting in $2.28 million in total insured claims costs; with the average claims cost coming in at around $15,200.
However, despite the extreme damage, the IBC’s report also notes that “in the year since these events took place, over 88 percent of all claims related to the wildfire and 90 percent of all claims from the atmospheric river event have been resolved and closed.”
