Article Date 04/12/2020

Cost of catastrophic weather disasters rising sharply and Canada isn't doing enough to prepare

Source Financial Post

Canada should accelerate measures, including financing mechanisms, to help governments, companies and individuals prepare for the rising costs of weather-related disasters, according to a research institute.

The cost of floods, wildfires and other catastrophic events has increased sharply over the past decade. Weather-related disaster costs have equaled 5 per cent to 6 per cent of the country's annual economic growth since 2010, compared with an average of about 1 per cent prior to that year, the Canadian Institute for Climate Choices said in a report released Thursday. The information was based on data from the Insurance Bureau of Canada and the Canadian Disaster Database.

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