The problem could mean the National Flood Insurance Program that Canada is developing to ensure access to affordable overland flood coverage might have to be expanded to wildfires, wind storms and hurricanes in short order.
Most companies that sell property insurance in Canada turn around and transfer some of the risk associated with their policies to global companies called reinsurers. So when you make a claim to your local insurance agent, that company will in turn cover some of its expenses by buying insurance from a big global backer.
The bureau said severe weather caused about $3.1 billion in insured damage in Canada last year, the third-worst year on record. And there was no single major event — like the Fort McMurray wildfire in 2016 — accounting for a majority of the costs. Some major insurance companies have withdrawn from California and Florida completely in the last 18 months. Farmers Insurance stopped selling home and auto insurance in Florida in July, and State Farm did the same in California in May. In California, it's the high risk of wildfires, and in Florida, hurricanes, driving the companies out.
But he cited a need for better protection from severe weather — fireproof siding in areas of higher fire risk for example, or flood-proofing in areas getting hit more often with heavy rains. Kovacs said usually the best time to make such improvements is immediately after a major event, when people are already rebuilding and the most open to doing so in a way that better protects them in the future.
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