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Damage from natural disasters in Canada hit record $8.5-billion in 2024: Report

  • Damage from extreme weather in Canada reached a record CAN$8.5 billion in 2024, according to the Insurance Bureau of Canada.
  • The summer of 2024 was the most destructive season in Canadian history for insured losses, with $3 billion from a hailstorm and $2.7 billion from Hurricane Debby.
  • The Insurance Bureau of Canada warns that extreme weather events are escalating and affecting home insurance costs.
  • Insurers are calling for government action to improve flood defenses and prevent homes from being built on flood plains.
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