Homeowners across Canada should prepare for significant increases in insurance premiums. Experts attributed the rising costs to record-breaking losses from natural disasters, inflation, and labour shortages in the construction industry, a report from CTV News highlighted.
The Insurance Bureau of Canada (IBC) reported $8.5 billion in insured losses in 2024, nearly tripling the previous year’s total. Severe weather events such as Calgary’s hailstorm, Quebec’s flooding, and the Jasper wildfire contributed to these staggering figures.
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