HALIFAX — The devastating wildfires and deadly flooding that plagued Nova Scotia last year have resulted in $490 million in insured losses, the Insurance...
HALIFAX — The devastating wildfires and deadly flooding that plagued Nova Scotia last year have resulted in $490 million in insured losses, the Insurance Bureau of Canada said in a report released Thursday.
The Canadian Forest Service determined that when the fires started, the province was experiencing its driest conditions since the Second World War. Both fires spread quickly with the help of strong winds.On July 21-22 of last year, four people — including two children — died when the municipality of West Hants experienced widespread flooding after 250 millimetres of rain fell in just 24 hours.
Almost half of all claims — valued at more than $240 million — were filed for lost or damaged personal property in the Upper Tantallon area. In all, 3,240 claims of this type were filed in the area north of Halifax, and the average claim was $81,000.As for the outstanding claims, the industry group says personal property insurance claims for the rebuilding of homes typically take more than one year to settle, and claims are generally not considered closed until all payments have been processed.
The report says insured damage related to extreme weather events in Canada has shown an upward trend with losses exceeding $3 billion annually in 2022 and 2023. By comparison, between 1983 and 2009, Canadian insurers averaged $512 million a year in losses related to severe weather.Jake Fischer is joined by J.E. Skeets to go through the NBA news of the day and preview the 6 teams that pose the biggest challenge to Team USA at the Paris Olympics.
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Nova Scotia Insurance Bureau Upper Tantallon Severe Weather HALIFAX Wildfires Canadian Forest Service Amanda Dean
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