According to a preliminary estimate by Catastrophe Indices and Quantification Inc., hurricane Fiona’s insured damages were $660 million.
Based on the estimate offered by CatIQ, the Insurance Bureau of Canada claims that the storm was the most expensive extreme weather event ever noted in Atlantic Canada in terms of insured damages.
It was also mentioned that many of the storm’s victims lived in floodplains and high-risk flood zones, neither of which offer residential flood insurance coverage.
The bureau claims that as a result, the government will be responsible for paying the vast majority of the disaster’s expenses.
On September 24, the hurricane hit Nova Scotia and tore across the area, cutting power to more than 500,000 people in the Maritimes.
The bureau says the storm also washed at least 20 homes into the ocean.
This report by The Canadian Press was first published Oct. 19, 2022..
Hurricane Fiona insured damages are estimated at $660 million.
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