Climate change a leading factor in climbing home insurance costs | CBC News
According to a recent report from the Insurance Bureau of Canada (IBC), insured damage for floods, windstorms, ice storms and tornadoes reached $1.9 billion in 2018.
“Up until about a decade ago, on an annual basis, insurance companies across Canada were paying out approximately $400 million a year due to severe weather,” said Pete Karageorgos, IBC Director of Consumer and Industry Relations for Ontario.
“In the last 10 years, that figure has jumped on average to about $1 billion a year. Last year actually saw a record payout.” #cdnpoli