Hurricane Fiona, which struck the Maritimes and eastern Quebec on September 24, is expected to cost $660 million in insurance payments, according to initial estimates by Catastrophe Indices and Quantification Inc.
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It’s the costliest weather phenomenon on record for the Atlantic provinces and the 10th costliest in Canada in terms of insurance payments, the Insurance Bureau of Canada (IBC) said on Wednesday.
However, the numbers do not account for affected residents who have been in areas with high risk of flooding and in flood plains where flood insurance for homes is not offered.
“As we begin to appreciate the extent of the damage caused by Hurricane Fiona, it is clear that much more needs to be done to improve our resilience to extreme weather events and create a culture of preparedness for the future,” said Amanda Dean, Vice President Atlantic at BAC, in a statement.
The bulk of the damage was recorded in Nova Scotia, whose insurance costs are estimated at more than $385 million. Prince Edward Island recorded over $220 million in insured losses, followed by New Brunswick at over $30 million.
In Quebec, major flooding on the Magdalen Islands and parts of the Gaspé Peninsula caused damage estimated at more than $11 million in insurance payments. Newfoundland and Labrador reported insured losses in excess of $7 million.
“Climate change is real and the deaths, emotional upheaval and financial fallout we have witnessed should be a call to action,” Ms Dean added.
Insurance claims related to weather phenomena in Canada have more than quadrupled since 2008 and are now approaching $2 billion a year, according to the IBC.
Top 10 natural disasters in Canada by insurance payouts
1- Fort McMurray wildfires (2016): $4 billion
2- Ice Storm (1998): $2.3 billion
3- Alberta floods (2014): $1.8 billion
4- Alberta Hailstorm (2020): $1.2 billion
5- Toronto floods (2013): $1 billion
6- Quebec and Ontario storm (May 2022): $875 million
7- Toronto Floods (2005): $780 million
8- Ontario Storm (2018): $695 million
9- British Columbia floods (2021): $675 million
10- Hurricane Fiona: $660 million
Source: Insurance Bureau of Canada