The impact of weather-related events on homeowners and businesses has been highlighted by the recent hailstorm in Edmonton.
The Insurance Bureau of Canada says that the storm that took place at the start of August brought heavy rain, thunderstorms, and strong winds, causing $90 million in insured damages.
Personal property accounted for $39.5 million of the total losses while commercial property saw a $3.4 million impact, and autos $46.9 million.
"Severe weather is causing headaches for homeowners and is costing insurers, governments and Albertans significantly," said Celyeste Power, Vice-President, Western, IBC. "Last year, insured damage from severe weather across Canada reached $2 billion, the fourth-highest amount of annual losses on record," Unlike the 2013 Calgary floods or the 2016 Fort McMurray wildfire, no single event caused the high amount paid out for 2018's losses. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast to coast."
The IBC is calling on all levels of government to take action to strengthen resilience against weather-related events.
The measures required include stronger infrastructure, improved building codes, better land use planning, and incentives to shift the building of homes and businesses away from high-risk areas.
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