Insurance bureau estimates October storms in British Columbia caused $110 million in claims

According to the Insurance Bureau of Canada, heavy rainfall and flooding that hit coastal British Columbia last month resulted in more than $110 million in insurance claims.

The bureau says insurers have been working with customers over the past few weeks as the Category 4 storm surge caused “significant flood damage” to Metro Vancouver properties in Burnaby, Coquitlam, North Vancouver, Surrey and West Vancouver.

It said the intense rainfall and winds that prompted a local state of emergency in North Vancouver on Oct. 20 led to overflowing rivers, backup collectors and flooding of roads, garages and basements.

While some residential flood insurance coverage is available, it may be limited or unavailable to some, forcing them to rely on public disaster assistance, the bureau said.

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About 10 per cent of Canadian households do not have access to flood insurance, says the bureau, which is calling on the federal government to fully support the National Flood Insurance Program.

The government has committed to the program, but the bureau says it is not yet fully funded.

It said the national program would provide financial protection to high-risk households and reduce disaster spending on federal and provincial government coffers.

“Rather than responding with disaster financial assistance after disasters, this program will be a proactive, cost-effective approach to managing financial losses when natural disasters occur,” the bureau said in a news release.

Insured losses related to severe weather in Canada now regularly exceed $3 billion a year, he said, and this year set a new record of more than $7.7 billion.

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