Canada’s Property Insurance Costs Face Upward Pressure
Following a year of unprecedented claims payouts, Canadian property insurance buyers can expect to see higher bills in the coming year. According to data, 2024 was the costliest year on record for insured losses when adjusted for inflation. This was largely due to four major natural disasters that occurred within a 24-day span in August.
Smoke rises after a fire in Western Canada. Last year’s wildfires caused widespread damage and displacement.
The destructive forces of last year’s fires, floods, and hurricanes are expected to directly impact property insurance costs. Further details are exclusively available to CoStar subscribers.
