Bad weather cost Canadian insurers millions in losses in 2022

Bad weather cost Canadian insurers millions in losses in 2022

According to Insurance Canada, no single event or region was responsible for the majority of these losses, with disasters hitting almost every region in the country over the past year.

This is in contrast to 2016, which was considered the worst on record in large part due to the wildfires in Alberta’s Fort McMurray region, causing nearly three-quarters of the nationwide damage.

According to the report, the costliest event in Canada in the previous calendar was the phenomenon known as derecho, which is rectilinear, large and long-lasting and occurred in Ontario and Quebec on May 21 and caused billions of dollars in damage.

On its way, the right can bring gale force winds, tornadoes, heavy rains and flash floods.

Fiona, for its part, caused an estimated $800 million in damage, and the summer storms in the West another $300 million.

The Canadian government pledged financial support to help rebuild provinces that suffered from the onslaught of Fiona, a hurricane that formed on September 14, 2022 and about 15 days later.

In 2021, damage to insured property from severe weather events here totaled $2.1 billion.

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