Spring flood risks highlight lack of insurance for Canadian homeowners: experts

“I would say that Canadians in general are not truly aware of the risks that their homes are exposed to, and the exposure they have to extreme weather events and the potential losses they could experience,” said Michelle Laidlaw, associate vice-president of The Co-operators Group Ltd.’s national product portfolio.

Storm surge is another big under-insured risk, said Nadja Dreff, senior vice-president and head of Canadian insurance also at DBRS Morningstar. The Atlantic is at particularly high risk of storm surge, which tends to be in the aftermath of hurricanes or other such storms, said Adesanya.“There is very much a need for this coverage. And yet, we still haven't gotten to that level where we can say the insurance sector completely is able to cover all the risks,” she said.

But some of the biggest damage can come from these kinds of events, as illustrated by hurricane Fiona, which hit homes in Atlantic Canada last fall. According to the IBC, severe weather caused $3.1 billion in insured damage in Canada in 2022, with Fiona costing $800 million. Right now, around 80 per cent of Cooperators’ clients are covered for storm surge, but there’s lower uptake in higher-risk areas, said Laidlaw. For example, she said only 60 per cent of Cooperators’ clients in Atlantic Canada are covered for storm surge.

“They’re trying to fill a gap that’s existed for a while now,” said Adesanya, though it’s not yet clear what form the program will take.

İnsurance İnsurance Latest News, İnsurance İnsurance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Spring flood risks highlight lack of insurance for Canadian homeowners: experts - BNN BloombergAs the spring season brings higher flood risk to Canadians, as seen in British Columbia recently, experts say many homeowners remain without adequate insurance to cover extreme weather's damage to their homes.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Spring flood risks highlight lack of insurance for Canadian homeowners: expertsAs the spring season brings higher flood risk to Canadians, as seen in British Columbia recently, experts say many homeowners remain without adequate insurance to cover extreme weather's damage to their homes.
Source: CTVNews - 🏆 1. / 99 Read more »

Spring flood risks in Canada raise concern about insurance for homeowners - National | Globalnews.caFlooding is the biggest under-insured climate risk in Canada, said Victor Adesanya, vice-president of insurance at DBRS Morningstar, especially during the spring thaw.
Source: GlobalNational - 🏆 81. / 51 Read more »