The Insurance Bureau of Canada (IBC) has reported estimated insured losses exceeding CAD 7 billion from four severe weather events this summer, making it the most catastrophic season for insured losses in Canadian history. The damages stem from floods in Toronto and Southern Ontario, a wildfire in Jasper, a hailstorm in Calgary, and additional flooding in Quebec. IBC officials emphasized the urgent need for collaboration between government and industry to develop strategies for disaster risk reduction and climate adaptation. They point out that the growing frequency and severity of such events require immediate action to enhance community resilience and protect Canadians.
