Hurricane Fiona Insured Losses $660 Million – CatIQ
Hurricane Fiona caused $660 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification (CatIQ).
Hurricane Fiona surpassed the Slave Lake wildfires of 2011 to be the deadliest extreme weather event in Atlantic Canada, and is believed to be Canada’s 10th worst in terms of insured losses. A catastrophic weather event made landfall in the Canadian Atlantic Ocean on September 24, 2022, with maximum gusts exceeding 100 kilometers per hour.
CatIQ noted that despite record-breaking insured loss totals, many of the affected residents live in high-risk flood areas and flood plains where residential flood insurance is not available. As a result, the government bears a large amount of the cost of the disaster.
Amanda Dean, vice president for Atlantic at the Canadian Insurance Commission (IBC), calls for making Canada more resilient to extreme weather and “building a culture of preparedness.”
“Climate change is real and the death toll, mental upheaval and economic impact we have witnessed must be a call to action. Protect all Canadians from the impacts of climate change. must be prioritized,” Dean said.
As a member of the Federal, State and Territory Task Force on Flood Insurance and Relocation, the IBC works with federal and state governments to better protect communities from extreme weather events and better manage the costs of floods. We have discussed how. Endangering Canadian residential properties. It also proposes creating a home flood insurance program to make affordable insurance available to people in high-risk areas. Meanwhile, Canadian insurers are considering making storm surge insurance more accessible.
Hurricane Fiona Insured Losses $660 Million – CatIQ
Source link Hurricane Fiona Insured Losses $660 Million – CatIQ
