The Insurance Bureau of Canada says that severe weather caused $3.1 billion of insured damages during 2022.
Flooding, tornadoes and even a hurricane occurred throughout Canada last year, making 2022 the third worst year for insured losses in the nation’s history, said the Insurance Bureau.
The Insurance Bureau added that natural disasters occurred in every part of Canada last year.
That makes 2022 different from other years such as 2016, which is the worst year on record for insured damages due to the Fort McMurray wildfire.
The Fort McMurray, Alberta wildfire accounted for three-quarters (75%) of insured losses in 2016.
The most expensive extreme weather event for Canada in 2022 was the Ontario and Quebec windstorm in May, which caused $1 billion in insured damages.
The other most expensive weather events last year included Hurricane Fiona, which caused $800 million in damages, and the summer storms in western Canada that cost $300 million.
