CatIQ, a provider of catastrophe loss and exposure information in Canada, has reported that Canadian insured losses from catastrophic events in 2021 amounted to CAD 2.04 billion.
At this level, 2021 stands out as one of the top five years of insured losses for the country, CatIQ notes.
And with 14 events incurring at least $25 million in insured losses, the year also ties for second place in terms of number of catastrophes.
Western Canada bore the brunt of 2021’s wrath, as fires, windstorms, and record-smashing flooding lashed British Columbia and the Prairies.
“Climate-related catastrophes in Canada are increasing in frequency and severity and impacting our communities like never before,” said Lisa Guglietti, EVP and Chief Operating Officer, P&C Manufacturing at The Co-operators.
“As an industry, we must collaborate across sectors to develop real action and proactive solutions that protect the financial security of Canadians, by focusing on preventing losses, increasing risk awareness, and investing in solutions and infrastructure that will help build long-term community resiliency.”
CatIQ recommends that the response to these catastrophic events requires industry, academia and government to work together before, during and afterwards to help protect the public.
