According to brand new estimates from Catastrophe Indices and Quantification Inc., The major floods in southern BC last November has caused around $675 million in insured damages.
That estimate is up $160 million from the previous estimation of $515 million.
Those November floods have proven to be the costliest weather event in the history of the province, which saw most of southwest BC’s homes, farms and businesses flooded and things like public infrastructure and major highways destroyed over a two-week period and even resulted in a state of emergency being declared.
Costs for all levels of government due to the event, are expected to be well into the billions of dollars range because a lot of affected residents were living in high flood risk areas, where residential flood insurance coverage is not available.
As a result, the Insurance Bureau of Canada is having talks with provincial and the federal government to find a way to manage flood risk costs better and help improve community resilience.
Comments