Canada’s insurance system is feeling the strain of extreme weather. A new TD Economics analysis warns that catastrophic storms, floods and fires have caused nearly $60 billion in insured damage since 1983, with average annual losses more than doubling in the last decade. Personal property now accounts for over 60% of losses, driving sharp home-insurance premium hikes, reduced coverage in high-risk areas, and tougher limits on government disaster assistance—raising urgent questions about climate resilience and financial protection for households.
