Cold snap in Canada: 133.5 million USD in insured losses

The Insurance Bureau of Canada (IBC) has reported that the cold snap that swept across western Canada in early 2024 resulted in insured losses amounting to 180 million CAD (133.5 million USD). Most claims (70%) involved personal property.

On 12 January 2024, British Columbia, Alberta and Saskatchewan experienced dramatic drops in temperature, well below seasonal norms.

The extreme cold weather has led to extensive water damage due to freezing and burst pipes. According to IBC, Canada's weather-related insured losses exceed the 2 billion CAD (1.5 billion USD) mark every year.