Quebec insurers face significant weather losses in 2023

Quebec insurers face significant weather losses in 2023 | Insurance Business Canada

Catastrophe & Flood

Quebec insurers face significant weather losses in 2023

Insurance bureau advocating for climate risk mitigations

Catastrophe & Flood

By
Mika Pangilinan

The severe weather events that hit Quebec throughout 2023 have led to $680 million in insured losses, according to the Insurance Bureau of Canada (IBC).

“This year has seen it all, from an ice storm in April to windstorms in winter and summer, along with lightning, floods, wildfires and hail—sometimes a combination of those elements,” said Pierre Babinsky, the IBC’s director for communications and public affairs for Quebec.

Insured losses per event in 2023 were as follows:

Wind, rain (February 3-5) – $66,000,000
Ice storm (April 5) – $213,000,000
Wildfires (Summer) – $22,000,000
Wind, rain, hail, lightning (June 25–26) – $15,000,000
Flood, rain (July 10–12) – $36,000,000
Wind, rain, lightning (July 13) – $200,000,000
Wind, flood, hail, water (July 20–21) – $60,000,000
Wind, hail, rain (July 29) – $19,000,000
Hail, wind, rain, flood (August 3) – $8,000,000
Floods (October 8) – $41,000,000

“[These] events have put a heavy strain on residents, the government, and the insurance industry,” Babinsky said.

“That’s why IBC is doubling down on its call for concerted action to help communities better adapt to the increasingly frequent and severe climate challenges ahead.”

In response to the growing climate change risk, the IBC and its members have advocated for measures such as strategically investing in climate risk mitigation, restricting construction in flood zones, and updating building codes to withstand climate impacts better.

The IBC has also called for the federal government to allocate additional funds to the National Flood Insurance Program rollout and support provincial and municipal investments for further community resilience.

“With the federal government committing to a flood insurance program for high-risk properties, the provincial government providing additional financial support to help cities adapt to climate change, and Ville de Montréal planning to build sponge parks and sidewalks over the next two years, we’re taking decisive steps toward increasing our climate resilience,” said Babinsky.

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