Social And Psychological Effects After Flood Claims

  Thursday, February 27th, 2020 Source: Canadian Underwriter

Insurance flood claims have a much broader societal impact than on just the property and casualty insurance industry alone — which is another reason why it is critical to start adopting flood mitigation and prevention measures now, a climate expert told a recent conference.

The effects of a flood claim can also be seen in the life and health sectors, financial and mental health services, according to Kathryn Bakos, director of climate finance and science at the Intact Centre on Climate Adaptation at the University of Waterloo.

She spoke Tuesday at the Insurance-Canada.ca Technology Conference in Toronto.

Take the example of a basement flood claim, which on average costs $43,000 to fix, she noted.

With insurance cap limits nowadays set at between $10,000 and $20,000, a homeowner could potentially be on the hook for up to $33,000, on average, to repair their basement.

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