B.C.’s historical 2023 wildfire season, which burned more area than any in recorded history, cost more than $720 million in insurance.
According to a report by the Insurance Bureau of Canada, the insurance costs topped any other extreme weather events across the country in 2023.
The losses sustained have led the bureau to say it will make it harder for Canadians to obtain and afford wildfire and flood insurance in the future.
“The federal government committed to a national flood insurance program in last year’s Federal Budget. However, progress has stalled, leaving too many Canadians vulnerable to the effects of our changing climate,” said Craig Stewart, Bureau of Canada’s vice-president of Climate Change and Federal Issues.
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“Once launched, this program would provide Canadians living in high-risk areas with affordable financial protection and peace of mind when a flood strikes. Details of the program must be shared with our industry and the provinces this winter if it’s to be operational before the next federal election.”
In total for the country, it is estimated that there was $3.1 billion in insured damage.
The bureau said with Canada’s yearly extreme weather events, it is routinely exceeding $2 billion in damages annually.
“The increasing frequency and severity of climate-related disasters should be of concern to all Canadians, even if they have yet to be directly affected,” Stewart said in a release.
Global News has reached out to Canada for comment but in its budget, it did say, “The Government of Canada is moving forward with a number of measures to help Canadians reduce their financial and physical vulnerability to flooding. This includes a commitment to create a new, low-cost national flood insurance program to protect homeowners at high risk of flooding and without adequate insurance protection.”
In British Columbia, wildfires burned more than 2.84 million hectares of land in 2023.
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