{"id":22266,"date":"2024-08-05T19:13:52","date_gmt":"2024-08-05T19:13:52","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=81470"},"modified":"2024-08-05T19:13:52","modified_gmt":"2024-08-05T19:13:52","slug":"insured-losses-from-2023-nova-scotia-wildfires-and-flooding-now-approaching-half-billion-dollars","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/08\/05\/insured-losses-from-2023-nova-scotia-wildfires-and-flooding-now-approaching-half-billion-dollars\/","title":{"rendered":"Insured losses from 2023 Nova Scotia wildfires and flooding now approaching half-billion dollars"},"content":{"rendered":"

Toronto, ON (July 25, 2024) \u2013 A new report from Insurance Bureau of Canada<\/span> (IBC) reveals that one year after consecutive devastating wildfires and flooding in Nova Scotia<\/span>, the total insured losses now stand at $490 million<\/span>, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).<\/p>\n

CatIQ noted that more than 88% of insurance claims related to the Tantallon<\/span> wildfire as well as 90% of the claims from the July 2023<\/span> atmospheric river flooding have been resolved.<\/p>\n

In addition to this new insured loss data, IBC\u2019s report, One-Year Update Following 2023 Nova Scotia Wildfires and Flooding<\/a><\/i>, provides unique insights into the factors impacting the claims response as well as recommendations on how governments, regulators and the property and casualty (P&C) insurance industry can work together to improve the claims and recovery process.<\/p>\n

Specifically, the report notes that a scarcity of skilled labour, shortage of building materials and a lack of adjuster capacity were significant hurdles in the claims process. Stakeholder feedback suggested the need to improve information flow as crucial to successful disaster management and to enhance response efficiency and effectiveness.<\/p>\n

\u201cThe purpose of this report is to identify lessons learned \u2013 including opportunities for improvement \u2013 to help inform the industry\u2019s response to future catastrophic loss events, not only in Nova Scotia<\/span>, but across Canada<\/span>,\u201d said Amanda Dean<\/span>, Vice-President, Ontario<\/span> and Atlantic, IBC. \u201cInsurers want to support their customers and resolve claims as quickly as possible, and this means being transparent about how they can improve their response to better support impacted consumers. I believe this report is an important step.\u201d<\/p>\n

The back-to-back disasters in Nova Scotia<\/span> illuminated the challenges of managing two large claims events in quick succession and tested the resilience and adaptability of insurers, adjusters, restoration companies and emergency services. The report details measures that insurers have taken to improve claims handling over the past year.<\/p>\n

\u201cWe now live in a world in which large-loss insurance events should be expected almost annually,\u201d added Dean. \u201cOne year after the challenging and historic 2023 wildfires and flooding, I am extremely proud to see such a large volume of claims have been resolved, and the industry is committed to working with the remaining consumers to ensure every single claim is closed as soon as possible.\u201d<\/p>\n

The report includes candid feedback from a variety of stakeholders, as well as a focus on how improved communication and information flow are crucial to successful disaster management and enhanced response efficiency and effectiveness. The report reinforces the insurance industry\u2019s call for implementing a National Flood Insurance Program, for development of a National Recovery Strategy and for all governments to collaborate with the private sector to meet the targets of Canada\u2019s<\/span> National Adaptation Strategy. The Nova Scotia<\/span> floods and wildfires illustrated that we are not ready as a country to defend against severe weather escalating due to climate change.<\/p>\n

About CatIQ<\/b><\/h4>\n

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance \/ reinsurance \/ ILS industries, public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. For more information, please visit catiq.com<\/a>.<\/p>\n

About Insurance Bureau of Canada<\/b><\/h4>\n

Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada\u2019s private home, auto and business insurers. Its member companies make up the vast majority of Canada\u2019s highly competitive property and casualty (P&C) insurance market. As the leading advocate for Canada\u2019s private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow. IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses.<\/p>\n

For more information, visit www.ibc.ca<\/a>. If you have a question about home, auto or business insurance, contact IBC\u2019s Consumer Information Centre at 1-844-2ask-IBC.<\/p>\n

Source: Insurance Bureau of Canada (IBC)<\/em><\/p>\n

Tags: CatIQ<\/a>, flood<\/a>, Insurance Bureau of Canada (IBC)<\/a>, Natural Catastrophes<\/a>, natural disaster losses<\/a>, Nova Scotia<\/a>, wildfires<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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