Toronto, ON (Oct. 28, 2024) \u2013 In light of the devastating impact of the Milton hurricane in Florida, which by some estimates will cause anywhere in between $60-100 billion in insured damages, many Canadians are left wondering how the recent spike in natural disasters will impact the situation at home. This past summer in Canada will go down as one of the most challenging periods for homeowners and insurers alike. The Insurance Bureau of Canada recently reported record-breaking 228,000 insurance claims \u2013 representing a staggering 406% increase compared to the previous 20-year average.<\/p>\n
In light of these growing threats \u2013 MyChoice, a leading insurtech company in Canada, conducted a thorough analysis of how insurable losses from natural disasters changed over the last 40 years across Canada. Using data from the Canadian Disaster Database, the team compared the 10-year average of disaster-related annual insurable losses against the prior 30-year average, adjusted for inflation. The team also analyzed the Shelter Consumer Price Index data from the past 10 years to determine the home insurance inflation across Canada and compared it to current rates from the MyChoice quote database.<\/p>\n
Below are the key findings from the study:<\/p>\n
The infographic below showcases the change in average annual insurance claims across Canada in the last 40 years:<\/p>\n
![](\"https:\/\/www.insurance-canada.ca\/wp-content\/uploads\/2024\/10\/MyChoice-Climate-Change-Study-202410-scaled.jpg\")
<\/a><\/p>\nHow Natural Disasters Impact Canadian Wallets (Source: MyChoice Database, Statistics Canada, Canadian Disaster Database)<\/i><\/p>\n<\/div>\n