Revealed – insured damage from record-breaking Quebec flooding
Revealed – insured damage from record-breaking Quebec flooding | Insurance Business Canada
Catastrophe & Flood
Revealed – insured damage from record-breaking Quebec flooding
Event described as the city’s costliest
Catastrophe & Flood
By
Terry Gangcuangco
The flooding from the remnants of Hurricane Debby, which swept through southern Quebec on August 9 and 10, has been described as the costliest severe weather event of all time in Quebec.
According to Catastrophe Indices and Quantification (CatIQ), whose preliminary estimate is provided under licence to the Insurance Bureau of Canada (IBC), the event caused nearly $2.5 billion in insured damage, making it the most expensive insured disaster in Quebec’s history.
“From the very beginning of this crisis, insurers deployed extraordinary measures to respond as quickly as possible to their clients’ need for financial support.”
As highlighted in a recent IBC report, Canadian insurers are currently facing what may be the most difficult summer on record for extreme weather events and natural disasters. Across Quebec, Ontario, and Alberta, the insurance industry is working on the ground to assist affected customers.
Claims related to Quebec’s floods, the southern Ontario flooding in July and August, the Calgary hailstorm, and the Jasper wildfire are being processed simultaneously as insurers help clients recover.
“Insurers are paying out more in claims for the Quebec flood event than the federal government has invested in climate adaptation over the past decade,” added Craig Stewart, IBC vice president for climate change and federal issues.
“Launching the promised National Flood Insurance Program is the single most important step the federal government can take to better protect homeowners from the financial risks of climate change.
“Unless the federal government commits the necessary resources during the upcoming parliamentary session, with the backing of provinces and territories, insurers will not be able to support the program before 2026.”
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