Canada Becoming a Riskier Place to Insure, May Impact Premiums: Insurance Bureau

Canada Becoming a Riskier Place to Insure, May Impact Premiums: Insurance Bureau
Thick smoke from the Lower East Adams Lake wildfire fills the air and a Canadian flag flies in the wind as RCMP officers on a boat patrol Shuswap Lake, in Scotch Creek, B.C., on Aug. 20, 2023. The Canadian Press/Darryl Dyck
Jennifer Cowan
Updated:
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After insurers paid out more than $3 billion last year following floods and wildfires in Canada, they may raise premiums because they view the country as “a riskier place to insure,” the Insurance Bureau of Canada (IBC) says.

Severe weather caused more than $3.1 billion in insured damage across the country in 2023, making it the fourth-worst year on record for insured losses, IBC said in a recent report. While 2023 was a record-breaking year for wildfires, flooding was also a major problem in nearly every region across Canada.

Jennifer Cowan
Jennifer Cowan
Author
Jennifer Cowan is a writer and editor with the Canadian edition of The Epoch Times.
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