October storms in B.C. led to $110M in damage claims, insurance bureau estimates
Bureau calls for feds to fully fund National Flood Insurance Program to reduce disaster assistance costs
Intense rainfall and flooding that hammered British Columbia's coast last month has led to more than $110 million in insured damage claims, the Insurance Bureau of Canada says.
The bureau says insurers have been working with clients for the last few weeks since the Category 4 atmospheric river caused "significant flood damage" to Metro Vancouver properties in Burnaby, Coquitlam, North Vancouver, Surrey and West Vancouver.
It said the intense rainfall and wind — which prompted a local state of emergency in North Vancouver on Oct. 20 — resulted in overflowing rivers, sewer backups, and flooding on roads and in parking garages and basements.
While some residential flood insurance is available, it might be limited or inaccessible to some, forcing them to rely on government disaster assistance for their recovery, the bureau says.
About 10 per cent of Canadian households cannot access flood insurance, says the bureau, which is calling on the federal government to throw its full support behind the National Flood Insurance Program.
The government has committed to creating the program, but the bureau says it has yet to be fully funded.
It says a national program would provide financial protection to high-risk households, and reduce disaster costs to federal and provincial government treasuries.
"Rather than responding with disaster financial assistance in the aftermath of catastrophes, this program would be a proactive, cost-effective approach to managing the financial toll when disasters strike," the bureau said in a news release.
It said insured losses related to severe weather in Canada now routinely exceed $3 billion annually and a new record of more than $7.7 billion has been set this year
