May 16, 2018

Severe Weather & the Insurance Industry

This year has been a big one for severe weather events, from ice storms, to flooding to windstorms; we have seen our fair share of weather related incidents in Southwestern Ontario. According to the Insurance Bureau of Canada, the storm we experienced in early April which hit Ontario and Quebec, caused more than $85 million in insured damage. Along with this, severe weather events in Ontario in the past 12 months have caused over $500 million in damage. According to stats supplied by the Insurance Bureau of Canada, of Canada’s Top 10 catastrophe events since 1983, five of them have happened over the past five years.It is evident we will continue to see changes in weather patterns into the foreseeable future and with this in mind, the insurance industry is continuing to work diligently to best mitigate the effects of these events.

See CBC’s article on the topic:

http://www.cbc.ca/news/canada/insurers-extreme-weather-canada-1.4497456


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