Fiona: Estimate puts nsured damages at $660 million


An preliminary estimate by Catastrophe Indices and Quantification Inc. suggests hurricane Fiona precipitated $660 million in insured harm.

The Insurance Bureau of Canada says the storm was the costliest excessive climate occasion ever recorded in Atlantic Canada when it comes to insured damages based mostly on the estimate supplied by CatIQ.

It added that a lot of these affected by the storm had been situated in high-risk flood areas and floodplains the place residential flood insurance coverage protection isn’t accessible.

As a outcome, the bureau says the overwhelming majority of prices for the catastrophe will probably be borne by authorities.

The storm made landfall in Nova Scotia on Sept. 24 and ripped by way of the area, knocking out energy to greater than 500,000 prospects within the Maritimes.

The bureau says the storm additionally washed at least 20 houses into the ocean.

This report by The Canadian Press was first printed Oct. 19, 2022.


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