A new analysis from MyChoice, a leading insurtech company in Canada, shows a dramatic 379% rise in Canada’s average annual insurable losses over the past decade due to climate change.
Provinces like Alberta and Saskatchewan saw the most severe impacts, with insurable losses soaring by 495% and 302% respectively. As disasters become more frequent and destructive, home insurance premiums have increased by 76% nationwide. Alberta faced the highest premium hike at 90%, reflecting the increased risk. This surge has prompted some insurers to limit or withdraw coverage in high-risk areas. MyChoice emphasizes the importance of regularly reviewing home insurance to balance cost with protection in the face of changing climate threats. In uncertain times, informed decisions about coverage are crucial to safeguard homes and families from rising risks linked to climate change.
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