An preliminary estimate by Catastrophe Indices and Quantification Inc. suggests post-tropical storm Fiona prompted $660 million in insured injury throughout Atlantic Canada.
The Insurance Bureau of Canada says the storm was the most costly excessive weather event ever recorded in Atlantic Canada by way of insured damages primarily based on the estimate supplied by CatIQ.
It added that a lot of these affected by the storm have been situated in high-risk flood areas and floodplains the place residential flood insurance coverage protection isn’t accessible.
As a consequence, the bureau says the overwhelming majority of prices for the catastrophe might 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 in Atlantic Canada.
The bureau says the storm additionally washed at the very least 20 houses into the ocean.
The bureau additionally supplied a provincial breakdown of insured injury estimates:
- Nova Scotia: More than $385 million
- Prince Edward Island: More than $220 million
- New Brunswick: More than $30 million
- Quebec: More than $11 million
- Newfoundland and Labrador: More than $7 million