Ottawa: The Insurance Bureau of Canada reports that the summer of 2024 is the most destructive season for insured losses in the country’s history, with damages from storms and wildfires reaching $7 billion. This surpasses the $6.2 billion cost of the 2016 Fort McMurray wildfire. The number of insurance claims has also risen significantly, with a 406% increase compared to the average over the past two decades. The bureau urges governments to treat climate change as a crisis and work together to reduce disaster risks. In 2023, severe weather caused over $3.1 billion in insured damages across Canada.
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