At $8.5B, 2024 shatters Canada's weather-related insurance cost record
- 2024 has set a record for the highest weather-related insurance costs in Canada at $8.55 billion, according to an Insurance Bureau of Canada report.
- Notable weather events contributing to this total include the Calgary hailstorm, Jasper wildfire, and Greater Toronto Area floods.
- The second costliest year was 2016, with $6.2 billion, while 2023 ranked fifth with $3.61 billion due to wildfires and floods.
- Experts urge Canadian governments to invest in infrastructure and adopt land use rules to better manage risks from severe weather.
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