insured damage

Why atmospheric rivers, derechos and bomb cyclones are on insurers’ radar

Why atmospheric rivers, derechos and bomb cyclones are on insurers’ radar

Wild and wacky weather events like atmospheric rivers, derechos and bomb cyclones may seem new because of recent media coverage, but they’ve been known and named phenomena for quite some time in the history of meteorology and atmospheric science, speakers said Tuesday at the CatIQ Connect conference. What’s new is that they appear to be getting worse and more frequent as the climate changes. That means increasingly higher insured damage payouts for Canada’s P&C insurance industry.

B.C. floods cause at least $450M in damage, Insurance Bureau of Canada reports

B.C. floods cause at least $450M in damage, Insurance Bureau of Canada reports

The Insurance Bureau of Canada estimates the insured damage caused by flooding in British Columbia last month at $450 million, calling it the “most costly severe weather event in the province's history.” However, the overall costs are expected to be much higher since many people affected by the flooding in southwestern B.C. were located in high-risk areas where flood insurance was not available, the bureau said in a news release.