The November floods in British Columbia, which struck homes and farms, wiped roads and bridges, and killed five people, are now the most costly weather event in state history.
The Insurance Bureau of Canada issued a statement when it released the latest $ 675 million cost estimate. This covers only insured damages.
Earlier estimates were a loss of $ 515 million, but the agency said in a statement that much of the increase was due to business claims where commercial insurance was more available.
In contrast, many residents live in high-risk flood areas where insurance is not available, and all levels of government can cost “billions of dollars.”
A so-called atmospheric river flowed through southwestern British Columbia for several days in November, resulting in record rainfall and rapidly expanding waterways.
Landslides wiped people out of the car, rivers opened new routes, washed away highways and bridges, blocked major highways inside, and disrupted the supply chain from the coast to other parts of the country. rice field.
“Although insured losses from the November floods are increasing, it is clear that the government will bear the overwhelming majority of the costs of this disaster,” said Aaron Sutherland, vice president of the Insurance Bureau of Canada. I am saying.
The agency states that it is a member of the Federal, State, and Territory Task Forces on Flood Insurance and has proposed options for creating a residential flood insurance program that includes a public-private partnership model.
This idea is said to help make affordable insurance available to residents of high-risk areas.