· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Post or enjoy below:
🗞️ Driving the news: Canada saw a record number of insurance claims this summer, with 228,000 claims driven by natural disasters such as flooding and wildfires
• This marks a 406% increase over the 20-year average, following severe weather in Ontario, Alberta, and Quebec
🔭 The context: The Insurance Bureau of Canada describes this as the most challenging summer ever for the industry, with four major weather events in just four weeks
• The surge in claims is further complicated by labor shortages and supply chain issues, slowing down the resolution process
🌍 Why it matters for the planet: Increasingly severe weather, linked to climate change, is causing unprecedented financial strain on both individuals and the insurance industry
• These events highlight the urgent need for climate resilience and adaptation measures
⏭️ What's next: The insurance industry will continue addressing the backlog of claims, but further challenges are expected as extreme weather events become more frequent due to global warming
💬 One quote: "It’s the most challenging summer ever for those affected by storms and wildfires." – Celyeste Power, Chief Executive of the Insurance Bureau of Canada
📈 One stat: The number of claims in summer 2024 saw a 406% increase compared to the previous 20-year average
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