Insurance Costs for Severe Weather Events

The data that follows was sourced from Global News, January 9, 2024.

 1. Severe weather cost $3.13 billion in insured damage in Canada in 2023.

 2. B.C. 2023 wildfires cost $720 million in insurance damage.

 3. Ontario 2023 summer storms cost $340 million in insurance damage.

 4. In the seven top-loss-years since 2013, total insured damage was $ 23.7 BILLION.

Who picks up the tab?

The Federal government 2023 budget announced a $31.7 million flood insurance program aimed at protecting households at high risk of flooding without access to adequate insurance. Is the Government going to recoup this money from the Corporations causing the problem in the first place? Clearly not! Where could those poor companies possibly come up with the money?

No, the Canadian taxpayer will be on the hook for that!

Is this problem unique to Canada? Definitely not. While the U.S. government still tries to walk the fence, and not rein in the fossil fuel companies, and continues to issue new drilling permits, insurance there is equally problematic, but with racial overtones.