Hurricane Fiona: estimated insured losses in Atlantic Canada

On 24 September 2022, hurricane Fiona has severely hit the Canadian Atlantic coast causing electricity blackouts to thousands of households, major property damage and no less than two deaths.

According to the DBRS Morningstar rating agency, Fiona will probably generate insured losses between 300 and 700 million USD. The four Atlantic Canadian provinces account for 5.9% of the Canadian non-life insurance market in terms of turnover.

In view of the rising frequency of violent climatic events, the region's insurers might increase the prices of their policies and work towards a more sophisticated risk modelling.