October storms in B.C. led to $110M in damage claims, insurance bureau estimates

Intense rainfall and flooding wreaked havoc on British Columbia’s coast last month, resulting in over $110 million in insured damage claims, according to the Insurance Bureau of Canada. The aftermath of the Category 4 atmospheric river left Metro Vancouver properties in Burnaby, Coquitlam, North Vancouver, Surrey, and West Vancouver with significant flood damage.

The deluge of rain and strong winds led to overflowing rivers, sewer backups, and flooding in various areas, including roads, parking garages, and basements. While some residents have access to residential flood insurance, others may find it limited or inaccessible, leaving them to rely on government disaster assistance for their recovery efforts.

Approximately 10 percent of Canadian households do not have access to flood insurance, prompting the bureau to urge the federal government to fully support the National Flood Insurance Program. Although the government has committed to establishing the program, it has yet to be fully funded. A national program would offer financial protection to high-risk households and help reduce disaster costs for federal and provincial governments.

The Insurance Bureau of Canada emphasized the importance of a proactive and cost-effective approach to managing the financial toll of disasters, rather than resorting to disaster financial assistance after the fact. Insured losses related to severe weather in Canada now exceed $3 billion annually, with a record-breaking $7.7 billion in losses reported this year.

In light of the increasing severity of weather-related disasters, it is crucial to implement measures to mitigate risks and protect communities. A recent community-led rain management project in East Vancouver proved successful during the recent atmospheric river, showcasing the importance of proactive solutions in safeguarding against severe flooding events.

By prioritizing the establishment and funding of the National Flood Insurance Program, the government can take a proactive approach to disaster management and alleviate the financial burden on affected households and government agencies. The integration of sustainable and community-led initiatives, such as rainwater management projects, can further enhance resilience and preparedness in the face of extreme weather events.