Vancouver, BC (Aug. 4, 2021) – Severe weather across Canada continues to contribute to the financial costs borne by insurers and taxpayers as a result of a changing climate. The wildfire that devastated Lytton, British Columbia, on June 30 is now estimated to have caused $78 million in insured damage, with roughly 300 claims, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The majority of insurance claims have been related to residential properties.
“This wildfire has devastated the community. Canada’s insurers are here to help the residents of Lytton recover, and are committed to help rebuild from this loss,” said Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC). “Anyone who has been impacted by this event, or with questions about their home or business insurance, should call their insurance representative or IBC’s Consumer Information Centre at 1-844-2ask-IBC.”
The Lytton wildfire is a tragic reminder of the increasing risk facing communities in BC, and across Canada, from a changing climate. Governments at all levels must do more to prioritize investments that build our resilience and better protect our families and communities. The Province’s upcoming renewal of its Climate Adaptation Strategy is an important opportunity for BC to become a leader in Canada in this regard. Similarly, Canada must develop a comprehensive plan to close governance gaps and improve climate defence overall. In working closely with the private sector, we can work together to build our preparedness and resilience to wildfires.
“As we continue to see the increasing impacts of our changing climate, it’s clear much more must be done to create a culture of preparedness and build our resiliency to the risks we face,” said Sutherland. “We all must do better to prepare for wildfires, floods, heat, hail and windstorms. These perils are having an outsized impact on those most vulnerable and, as a result, we must greatly enhance our efforts to mitigate future change and adapt to the new weather reality we face.”
The amount of insured damage is an estimate provided by CatIQ (www.catiq.com) under licence to IBC.
If you have questions, contact your insurance representative or IBC’s Consumer Information Centre at 1-844-2ask-IBC.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
For more information, visit www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.
Source: Insurance Bureau of Canada (IBC)Tags: CatIQ, climate change, Insurance Bureau of Canada (IBC), insured damage, natural disaster losses, severe weather, wildfires