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High Winds Have Costly Impact on Canadian Insurers

The Institute for Catastrophic Loss Reduction (ICLR) and the Standards Council of Canada released a report suggesting the need for a new national standard on wind resilience for homes. The report draws on the significant amount of research that was recently conducted and is the first to focus specifically on provisions related to wind resilience.

Between 1983-2017, 64% of the catastrophes that swept through Canada had a wind component. Storms, tornados, windstorms or hurricanes caused insured damage of $25-million or more. The development of a new standard would be the first step in mitigating damage to residential and small building properties from wind-related natural disasters.
The ICLR report proposes measures in four major categories, emphasizing protection of roofs, which are especially exposed to damage from high winds. Regulation will come after measures outlined in the report have gone through a code development process. For more information on this, contact your broker or company agent.