This summer has been one for the books, as insurers reported double the number of claims compared to last year, according to the Insurance Bureau of Canada (IBC). With approximately 228,000 insurance claims filed due to four major catastrophes — flooding in Toronto and southern Ontario, the Jasper wildfire, the Calgary hailstorm, and flooding in Quebec — the strain on Canada’s insurers is palpable. These natural disasters have placed unprecedented stress on the system, with figures showing a staggering 406% increase compared to the previous 20-year average.
As homeowners, drivers, and business owners, understanding what drives these costs and how to mitigate risks has never been more crucial. At EasyInsure, we’re committed to helping you navigate these challenging times with preventative strategies that can help minimize damage and claims.
Why Insurance Costs Are Skyrocketing
The severity and frequency of natural disasters are undeniably on the rise. Just this summer alone, the Quebec floods accounted for 70,000 claims, a staggering escalation by any measure. The Jasper wildfire, which demolished 358 properties, resulted in $880 million in damages—more than most towns see in a decade. Additionally, the flooding in mid-July in Toronto and Ontario resulted in $940 million in damages in just a few hours. Unlike previous years, these events all unfolded within a span of 24 days, pushing adjuster capacity to its limits and challenging our ability to respond swiftly to time-sensitive damages.
Prevention is Key
These numbers highlight the critical need for preparedness, and EasyInsure urges all Canadians to consider adopting preventative strategies. By incorporating measures such as installing water leak detection systems, updating grading around homes, reinforcing properties against potential wind and hail damage, and maintaining foliage to reduce wildfire risks, you protect your personal property and help curb the rising insurance costs for everyone.
No one can predict the next disaster, but being proactive can make all the difference. With climate change intensifying weather patterns, taking preventative steps today can lead to fewer claims and more manageable premiums tomorrow.