The Insurance Bureau of Canada has reported a record number of insurance claims this summer. The surge in claims is attributed to four major weather events and natural disasters within a four-week period.
The organization stated that the industry is handling 228,000 claims, a 406% increase compared to the 20-year average. The significant rise in insurance claims is due to floods in Toronto and other parts of southern Ontario, wildfires in Jasper, hailstorms in Calgary, and flooding in the Quebec region.
Celia Poder, President and CEO of the Insurance Bureau of Canada, described this summer as more challenging than any other due to storms and wildfires. She mentioned that processing the claims will take some time primarily due to the sheer volume and the challenges posed by the labor shortage and supply chain issues in Canada. Home, auto, and commercial insurers in Canada have received 160,000 insurance claims for the entire year of 2023.
The bureau stated that the extreme weather in 2023 has resulted in a $3.1 billion loss to insured assets across Canada.
