The Insurance Bureau of Canada reported that losses stemming from extreme weather now regularly hit $2 billion or more annually. During the decade prior to 2008, Canadian insurers average CA$456 million a year in severe weather-related losses. (Credit: niroworld/Shutterstock) The Insurance Bureau of Canada reported that losses stemming from extreme weather now regularly hit $2 billion or more annually. During the decade prior to 2008, Canadian insurers averaged CA$456 million a year in severe weather-related losses. (Credit: niroworld/Shutterstock)

Canada experienced its third worst year on record for severe weather damages in 2022, according to the Insurance Bureau of Canada (IBC), which reported losses totaled $3.1 billion Canadian dollars ($2.2 billion).

The IBC noted that no single natural catastrophe accounted for a majority of the losses seen during the past year, but disasters were seen across the country.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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