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View of a street sign as an evacuation order is issued for the Everglades Resort on Hatzic Island after rainstorms lashed the western Canadian province, triggering landslides and floods, shutting highways, in Mission, British Columbia, Canada December 1, 2021. REUTERS/Jennifer Gauthier
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TORONTO, Jan 18 (Reuters) – Severe weather events in Canada caused insured losses of C$2.1 billion ($1.68 billion) last year, making 2021 the sixth-costliest since 1983, the Insurance Bureau of Canada (IBC) said in a statement on Tuesday.
Floods in British Columbia in November, where heavy rains caused mudslides and stranded thousands of people, caused the highest amount of insured damage, at C$515 million. That was followed by a hailstorm in Calgary that caused flash flooding and dangerous driving conditions, at C$500 million.
"In today’s world of extreme weather events, the new normal for yearly insured catastrophic losses in Canada has become C$2 billion, most of it due to water-related damage," Craig Stewart, vice-president, federal affairs, for the IBC, said in the statement, adding that this compares with an average of C$422 million a year between 1983 and 2008.
He called on the government to allocate "robust funding" in this year's federal budget to implement a National Adaptation Strategy that seeks to build resilience against the impact of climate change.
The IBC data come on the heels of a report published on Friday by the Bank of Canada and the country's financial regulator that said that delaying actions to prepare for a transition to a low-carbon economy exposes financial institutions and investors to "sudden and large losses." read more
($1 = 1.2513 Canadian dollars)
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