Premier Jason Kenney has said that uninsurable losses will be covered by the province’s disaster relief program.
“Albertans are too familiar with the stress, turmoil and financial hardship that severe weather events can cause,” said Celyeste Power, vice-president of the West, Insurance Bureau of Canada. “Of the 10 costliest disasters in Canada, six of them hit Alberta. Fortunately, Albertans are resilient and continue to come together in difficult times like these. ”
The most expensive natural disaster ever recorded was the Fort McMurray forest fire in 2016, which cost nearly $ 4 billion. The second highest was the 2013 flood in southern Alberta, which cost approximately $ 3.5 billion, followed by a 1998 ice storm in eastern Canada that caused 1, $ 49 billion in damage.
One of the reasons that Alberta experiences such costly storms and natural disasters is the fact that major storms are hitting more and more populated areas. But that doesn’t mean the premiums will go up automatically, said Power.
“No event will automatically increase the premiums,” she said. “There are a number of factors that come into play and we have a competitive market. “