Halifax, Nova Scotia — The Insurance Bureau of Canada (IBC) has released a “One-Year Update Following 2023 Nova Scotia Wildfires and Flooding” report that details that insured losses in the province are now approaching half a billion dollars.
The report specifically highlights the aftermath of two storms that affected the province in the late spring and early summer of 2023. Notably, from May 28 to June 4, 2023, a wildfire ripped through communities in the Halifax Regional Municipality. Then, on July 21, 2023, an atmospheric river event led to significant flooding in parts of Nova Scotia, including Halifax, East Hants, West Hants and Lunenburg and Queens. During this storm, more than 20 centimetres of rain fell in less than 24 hours.
The report further notes that the wildfire event saw a total of 150 automotive claims resulting in $2.28 million in total insured claims costs; with the average claims cost coming in at around $15,200.
Comparatively, when looking at the effects of the flooding, in total there were approximately 660 auto claims resulting in $12 million in total insured claims costs; with the average claim cost coming in at around $18,300.
However, despite the extreme damage, the ICB’s report also notes that “in the year since these events took place, over 88 percent of all claims related to the wildfire and 90 percent of all claims from the atmospheric river event have been resolved and closed.”
For vehicles, the report indicates that for those claims that remain open, “depending on the severity of the damage, some autobody shops could be booking 12 months in advance due to the high volume of claims and limited resources to complete repairs.”
The study concludes that ultimately, “we are now living in a world where large loss insurance events should be expected almost yearly,” and that despite the progress being made in Nova Scotia to recover from the 2023 storm events, extreme weather patterns in the area are expected to become more and more common.
To see the full report, click here.
The post A Catastrophic Calendar: IBC reports insured losses from Nova Scotia’s 2023 wildfires and flooding now approaching half a billion dollars appeared first on Collision Repair Magazine.
