TORONTO – Canadians could be paying more for home insurance as the toll of severe weather on personal property continues to climb, one of the country’s largest insurance companies said Monday.
Intact Financial Corp. (TSX:IFC) said it expects to book about $257 million in expenses stemming from the flooding in Alberta and Toronto and the deadly Lac-Megantic train derailment in Quebec.
“The devastation brought on by recent flooding and torrential rain is unprecedented,” Intact chief executive Charles Brindamour said in a statement.
“The scope of the damage and destruction that we have witnessed in recent weeks is a stark reminder that we must adapt the protection offered to Canadians to ensure it remains sustainable in light of the greater prevalence and severity of weather events.”
Intact spokesman Gilles Gratton said the price of home insurance has increased over the past few years to reflect the impact of climate change.
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