Floods, hailstorms and wildfires have cost Canadian property insurance companies $7.7 billion in 2024 — a single-year record. And the year isn’t over.
The insurance industry is leveraging that number as it urges the Canadian government to accelerate the creation of a government-run flood insurance program to cover flood-prone properties and reduce industry losses.
Canadian officials and experts are studying the U.S. government’s National Flood Insurance Program — and hoping to avoid its financial pitfalls.
Advertisement
“Federal policymakers here in Canada are looking very closely at the lessons from the U.S. NFIP,” said Daniel Henstra, co-lead of the climate risk research group at the University of Waterloo in Ontario.
