Between ice, wildfires and even floods, the weather will have all its colors on Quebecers in 2023, and insurers are paying the price with $680 million in insured losses.
This is also the most expensive year for insurers in Quebec since the ice crisis in 1998, stressed the Insurance Bureau of Canada (IBC), which released its year-end report on Thursday.
“Citizens, government and the insurance industry have been tested this year,” noted Pierre Babinsky, director of communications and public affairs at the BAC.
Not surprisingly, the ice storm that hit southern and eastern Quebec on April 5 cost insurers the most, $213 million, according to BAC data.
The wind, rain and lightning that hit the province on July 13 was worth $200 million. By comparison, the wildfires that burned acres of forest in the province throughout the summer cost insurance companies $22 million.
Facing the challenges of climate change
After this eventful year, the BAC emphasized the importance of raising awareness of climate risks, but above all of making significant investments in measures to mitigate these risks.
In this sense, the BAC welcomed certain initiatives already taken, such as the “sponge” parks and sidewalks in Montreal, the additional amounts granted by Quebec to help cities adapt to climate change or the federal flood insurance program.
“These are important steps to improve our climate resilience,” said Babinsky.
Insured costs per event in 2023
Wind, Rain (February 3-5): $66 million
Black Ice (April 5): $213 million
Wildfires (summer): $22 million
Wind, Rain, Hail, Lightning (June 25-26): $15 million
Flood, rain (July 10-12): $36 million
Wind, Rain, Lightning (July 13): $200 million
Wind, flood, hail, water (July 20-21): $60 million
Wind, Hail, Rain (July 29): $19 million
Hail, Wind, Rain, Flood (August 3): $8 million
Floods (October 8): $41 million
Source: Insurance Bureau of Canada (IBC)
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Originally posted 2023-12-07 19:08:41.