According to the Insurance Bureau of Canada, Hurricane Fiona is estimated to have caused $660 million in insured damage.
The storm, which saw over 400,000 Nova Scotians lose power, is the most costly weather event ever recorded in Atlantic Canada in terms of insured damages. Although the estimated $660 million in insured damage is record breaking, many affected residents lived in high-risk flood areas and flood plains where flood insurance is not available. This means, the overwhelming majority of costs for the disaster will be paid by the government.
The estimated insured damages surpasses the 2011 Slave Lake wildfire and makes Hurricane Fiona the 10th worst disaster for insured damage in Canadian history.
Nova Scotia – $385 Million In Insured Damage
Nova Scotia saw damage spread over much of the province, with numerous large trees falling on cars and buildings in Halifax. Cape Breton Island and Pictou County saw significant damage, including extensive flooding, roofs torn off buildings, roads washed out and storm surge. Power outages topped 415,000 customers in Nova Scotia on Saturday, September 24, leaving about 80% of the province without power.
“As we begin to see the extent of damages caused by Hurricane Fiona, it is clear that much more needs to be done to enhance our resilience to extreme weather events and build a culture of preparedness moving forward,” said Amanda Dean, Vice-President, Atlantic, Insurance Bureau of Canada (IBC). “Climate change is real, and the fatalities, emotional turmoil and financial consequences we’ve witnessed must be a call to action – we must prioritize the protection of all Canadians from the impacts of climate change.”
Insurance claims from severe weather have more than quadrupled across Canada since 2008.
Anyone who has been impacted by Fiona or who has questions about their home, vehicle or business insurance, should call their insurance representative or IBC’s Consumer Information Centre at 1-844-2ask-IBC.