Insurers will pay out an estimated $660-million to victims of Hurricane Fiona, making it one of the 10 most expensive disasters for the industry in Canadian history
The Disaster Financial Assistance Arrangements, a cost-sharing arrangement between the federal government and the provinces that reimburses provinces for certain damages stemming from catastrophes, is likely to pay out far more than the insurance industry. According to Public Safety Canada, the DFAA has already received official requests for assistance from the governments of Nova Scotia, PEI and Newfoundland and Labrador.
Fiona’s financial fallout is just the latest indication that the repair bill from weather-related disasters has skyrocketed above historical norms. Insured losses from severe weather have more than quadrupled since 2008, according to the Insurance Bureau, and the annual total has reached $2-billion. The DFAA has paid out more than $6-billion to provinces and territories since its establishment in 1970, but more than 62 per cent of that was paid out in the past decade.
In August, the Task Force on Flood Insurance and Relocation issued its final report to the federal government after 18 months of research. It found that Canada’s exposure to flood damage is growing as a result of climate change, coupled with a concentration of assets – and increased development of homes and infrastructure – in areas prone to flooding. The task force explored a range of possible insurance and relocation schemes but didn’t recommend any of them.
“This was done because all of the explored models offer specific trade-offs and compromises,” its report noted.
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Estimate puts hurricane Fiona insured damages at $660 million | Globalnews.caAn initial estimate by Catastrophe Indices and Quantification Inc. suggests hurricane Fiona caused $660 million in insured damage.
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Estimate puts hurricane Fiona insured damages at $660 millionEstimate puts hurricane Fiona insured damages at $660 million. The Insurance Bureau of Canada says the storm was the most costly extreme weather event ever recorded in Atlantic Canada in terms of insured damages.
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Estimate puts hurricane Fiona insured damages at $660 millionAn initial estimate by Catastrophe Indices and Quantification Inc. suggests hurricane Fiona caused $660 million in insured damage.
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Estimate puts hurricane Fiona insured damages at $660 millionInsurance Bureau of Canada says the storm was the most costly weather event ever recorded on east coast, with initial estimates at $600M
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Estimate puts hurricane Fiona insured damages at $660 millionAn initial estimate by Catastrophe Indices and Quantification Inc. suggests hurricane Fiona caused $660 million in insured damage. The Insurance Bureau o
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Hurricane Fiona the most costly extreme weather event recorded in Atlantic Canada, insurers sayInsurers will pay out an estimated $660-million to victims of Hurricane Fiona, making it one of the 10 most expensive disasters for the industry in Canadian history
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