Why climate change is driving up the cost of your insurance

The Decibel

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2y ago 23:05

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As storms become more frequent and more severe, insurance claims for damage to homes are piling up. Disaster claims in Canada have more than quadrupled over the past 15 years, accounting for more than $3-billion of insured losses in 2022 – up from just $400-million in 2008, according to the Insurance Bureau of Canada.

Clare O’Hara is a journalist with The Globe’s Report on Business and she covers the insurance industry. She explains the relationship between climate change, insurance companies and your growing home insurance bill.

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