Canada can't weather storms

Damage from extreme weather in Canada last year pushed the bill facing insurers to an unprecedented CAN$8.5 billion (about 112 billion), the Insurance Bureau of Canada said.

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Events that cause significant destruction "are escalating at a shocking rate and Canada is simply not prepared," said Celyeste Power, president of the IBC, an industry association representing Canadian insurers.

The IBC said the insured damage estimate for 2024 was 12 times higher than the annual average of CAN$701 million recorded from 2001 to 2010.