Extreme weather is impacting insurance in Canada. Which province saw the largest increase?
Statistics Canada said catastrophic weather claims helped push Alberta home insurance premiums up 391.6% over 20 years.
- A Statistics Canada study released Tuesday reveals homeowners' insurance premiums in Alberta jumped 391.6 per cent over 20 years, far outpacing the national average of 45 per cent since 2019.
- Catastrophic claims reached a record $8.6 billion in 2024, with Calgary's hailstorm alone costing $3 billion and Jasper's wildfire $1.3 billion, straining insurers' financial sustainability.
- Calgary-Based insurance broker Barry Haggis said premium hikes are necessary because companies must "collect enough premiums to remain sustainable." Insurers are paying out more than they collect.
- Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction, argues the solution is to "embrace resilience" through building homes less vulnerable to severe weather and retrofitting existing structures.
- Emergency Preparedness Minister Eleanor Olszewski warned in May that "significant wildfire activity" is expected this summer, with above-average temperatures anticipated across Canada throughout the 2026 season.
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Alberta saw nearly 400% spike in home insurance costs over 20 years: StatCan
Albertans have faced the steepest rise in home insurance premiums in the country, with costs climbing nearly 400 per cent between 2005 and 2025, according to new data from Statistics Canada. The surge comes as extreme weather batters communities more frequently and drives up claims, straining both homeowners and insurers. The latest example played out […]
Weather has pushed Alberta home insurance costs up nearly 400%
Extreme weather has driven home insurance costs up in Alberta over the past five years, and costs have nearly quadrupled since 2005. A new report from Statistics Canada shows that Alberta home insurance premiums rose 55.8 per cent between December 2020 and December 2025, the highest increase among all provinces, and above the national average of 38.6 per cent. Over the longer term, the province has seen home insurance premiums climb by 391.6 pe…
Extreme weather is impacting insurance in Canada. Which province saw the largest increase?
Consumers have had to pay more for home, mortgage and car insurance in the past six years, driven in part by increases in extreme weather events, according to a new Statistics Canada analysis.
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