Claims Payouts Increasing Exponentially With Extreme Weather Events

It is likely that 2016 will be a huge year in terms of insurance payments due to the Fort McMurray wildfire, said the Insurance Bureau of Canada (IBC).The IBC reported that severe weather insurance claims have been rising for a few decades and have climbed exponentially since 2009. According to Steve Kee, director of media and digital communications at IBC, payouts are expected to reach C$1bn annually, up from C$40m in the 1970s.“Prior to 2009, the insurance payouts to the policy holders as a result of severe weather, they really weren’t big notable events,” said Kee.