Extreme weather is raising insurance costs for Canadians

Extreme weather across Canada, including wildfires, floods and heat waves, is adding to the cost of living, according to a new Statistics Canada report. The article says insurance claims tied to severe weather have risen sharply in recent years, putting upward pressure on home and mortgage insurance premiums. The report points to 2024 as a record year for catastrophic weather losses, with insurers paying out billions of dollars after events such as the Calgary hailstorm, the Jasper wildfire and major flooding in Quebec and Ontario. It also says flooding has become the most frequent and costly natural disaster in the country. The article notes that higher premiums affect not only homeowners but also renters and condo residents, while uninsured losses and public infrastructure damage are often covered by governments and taxpayers. Experts quoted in the story say better planning and adaptation will be important as weatherrelated costs continue to rise.