Niagara Flooding Inflicts $360M in Insured Damage, Spurring IBC's Call for Prevention Investments — Insurance Bureau of Canada

Event summary

July and August storms caused nearly $360 million in insured damage across Ontario's Niagara Region.
IBC deployed its Virtual Community Assistance Mobile Pavilion (V-CAMP) helpline and established a community hub in St. Catharines to assist affected residents.
IBC reports a 300% increase in flood-related insured losses over the past 20 years compared to the previous two decades.
IBC urges governments to invest in resilient infrastructure, shift focus from recovery to prevention, and provide Canadians with access to flood-risk information.

The big picture

The increasing frequency and severity of catastrophic flooding events in Ontario highlight the growing toll of extreme weather on communities and the insurance industry. IBC's call for stronger action to reduce flood risk underscores the need for proactive investments in resilient infrastructure and preventive measures to limit damage and keep insurance affordable. The trend of accelerating flood-related insured losses underscores the urgency of addressing Canada's flood challenge.

What we're watching

Infrastructure Deficit: The pace at which governments address the $60-billion infrastructure deficit will determine the effectiveness of flood prevention measures.
Preventive Measures: Whether home retrofits, backwater valves, sump pumps, and stronger building codes can significantly reduce future flood losses.
Flood-Risk Information: How the expansion of access to Canada's Flood Risk Finder will impact Canadians' ability to make informed decisions about flood protection.