More than $340-million in insured damage reported following five designated catastrophes.

Large scale and compounding disasters in British Columbia exceeding the capacity of current programs.

Company warns that it has fully utilized its catastrophe aggregate reinsurance treaty limit for 2023.

Okanagan and Shuswap fires also the tenth costliest event in Canadian history.

Industry pressured by increasing losses and current provincial rate pause.

Expects non-life reinsurance market to grow, thanks to new risk pools and continuous rate adjustments.

Open letter calls for a stop to construction in risky areas, government support for high-risk properties.