More than $110 million in damages after October floods

According to initial estimates from the Insurance Bureau of Canada (IBC), the Category 4 atmospheric river that struck southwest British Columbia between October 18 and 20 will have cost more than $110 million in insured damage.

The heavy rains notably flooded properties in the Greater Vancouver area, including West Vancouver, North Vancouver, Coquitlam, Burnaby and Surrey.

Hundreds of vehicles were also damaged during the passage of this particularly violent atmospheric river which left three victims.

Damaged property can be repaired or replaced, but our thoughts are always with the families and friends who have lost loved onessaid Aaron Sutherland, vice president of BAC for the Pacific and Western regions.

In recent weeks, insurers have been working on the ground to help their customers get back on their feet following this storm. Reconstruction will take time.

Although home flood insurance is widely available in communities affected by this event, it remains limited depending on the BAC.

Today, approximately 10% of Canadian households do not have access to flood insurance and the financial protection it offers.

This is why Canadian insurers are urging the federal government to fully fund the national flood insurance programsaid the BACwhich once again urges Ottawa to put in place national coverage, expected by April 2025.

While insurers will pay out millions of dollars in compensation for this event, we expect total losses to be much higher due to the number of uninsured properties, as well as damage to public infrastructure. said Jason Clark, national director of climate change advocacy at BAC.

Current government disaster assistance programs provide a last line of support for the uninsured or underinsured. They do not provide the same level of financial protection as insurance, and it is taxpayers who ultimately fund relief payments, he adds.

This is why, for almost 10 years, the BAC and its members are calling on governments to take action to adapt to Canada’s changing climate and move forward with the creation of a national flood insurance program.

Across the country, the Insurance Bureau of Canada reports that damage from extreme weather events (New window) this year cost insurers more than $7.7 billion, unprecedented in Canadian history.

Floods in various regions of Quebec, floods in Toronto and other parts of southern Ontario, the hailstorm in Calgary and the wildfires in Jasper are among the costliest events of the year so far. year 2024.