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Storm Fiona: How will extreme weather impact your insurance premiums?

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Early estimates peg the damage brought on by post-tropical storm Fiona at $300 to $700 million dollars — the most expensive natural disaster in Atlantic Canada by a long shot.

The Insurance Bureau of Canada’s Amanda Dean spoke to Global News from her home in Halifax, which had lost power during the storm.

“From Pictou through to Cape Breton in Nova Scotia… this is pretty widespread. So I think we can expect some impressive numbers coming out of this event,” Dean said.

Given the sheer volume of claims expected, customers may be in for a long wait before they see financial relief from insurers or government.

For those saying Fiona was a “once in a lifetime” event, experts warn that this framing is ignoring the longer-term trend. Insurance costs show extreme weather events are more frequent, meaning premiums will continue to rise across the board.

Global's Anne Gaviola has more.

For more info, please go to https://globalnews.ca/news/9158828/storm-fiona-disaster-insurance-dominic-leblanc/

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Category
U.S. & Canada
Tags
global news, Hurricane Fiona, Fiona
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