The Insurance Bureau of Canada recently released their findings on the impact the big weather storms of 2013 had on insurance and oh boy, it was a doozy. Turns out 2013 was a record-breaking year – Companies paid out 3.2 BILLION dollars to policyholders. That’s almost a 1.2 billion dollar increase from the previous high.
Don Forgeron, President and CEO of IBC had this to say:
“In 2013, the terrible effects of the new weather extremes hit Canadians hard. From the Alberta floods last summer to the ice storms in Ontario and Atlantic Canada over the holidays, frankly, bad weather hit insurers hard, too.”
Be sure to check in with your insurance providers and get the coverage you need – as you might not be covered for everything in your policy. Times are a-changing, and with that it seems, so is the weather.