An Insurance Bureau of Canada report that at $8.55 billion, 2024 shattered the record for the costliest year of severe weather related loss in Canadian history, is striking a chord in communities large and small across British Columbia.

At  the Jan. 14 council meeting, Chase Coun. Dan Stevens. referenced the report and its current significance regarding the fires blazing through Los Angeles. 

鈥淭o no surprise, 2024 was the costliest year in Canadian history for related insured loss. That report really hit hard today because of, especially the recent disasters in the United States and the insured losses that we鈥檙e seeing down there,鈥� he said. 鈥淚t just really highlights the importance of communities being prepared for wildfire disaster... but not relying on insurance to always be there.鈥�

The IBC report listed the Calgary hailstorm, Jasper wildfire, remnants of Hurricane Debby, the Greater Toronto Area floods and the Western Canada deep freeze as notable weather events contributing to the record breaking total. Coming in at the second costliest year was 2016 at $6.2 billion with the Fort McMurray fire, while the locally disastrous 2023 wildfires put the year fifth at $3.61 billion, with Nova Scotia floods also contributing to that total.

鈥淐anada is clearly becoming a riskier place to live, work and insure. As insurers price for risk, this increased risk is now impacting insurance affordability and availability,鈥� IBC climate change and federal issues vice president Craig Stewart said in the report. 鈥淐anadian governments must be more proactive to properly manage and mitigate risk.鈥�

He added that governments need to invest in infrastructure to defend against floods, adopt land use rules to ensure homes aren鈥檛 built on floodplains and facilitate FireSmart in high-risk communities.

The full report can be read online at .