New, initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), under license to the Insurance Bureau of Canada (IBC), suggest that the atmospheric river which led to intense flooding in southern British Columbia in October, resulted in more than $110-million in insured damage.
They say the category 4 atmospheric river which formed between October 18 and 20, 2024, caused significant flood damage to properties in Coquitlam, Burnaby, West Vancouver, North Vancouver, Metro Vancouver and Surrey, British Columbia.
Sewer backups and flooded basements
“The intense rainfall and strong wind gusts resulted in rivers overflowing and multiple instances of sewer backups, as well as flooded basements, roads and parking garages,” the IBC states in an announcement about the new damage estimates. “Also, a local state of emergency was declared for North Vancouver on the evening of October 20.”
They add that today roughly 10 per cent of Canadian households cannot access flood insurance. “While residential flood insurance is widely available in the communities impacted by this event, it remains limited – and may be unavailable – for properties at highest risk of flooding. As a result, uninsured residential properties that suffer damage may be forced to rely on government disaster financial assistance, if available, for their recovery,” the IBC adds. “That’s why Canada’s insurers have called on the federal government to fully fund the National Flood Insurance Program that would ensure all Canadians have access to financial protection from flood risk.”
