Extreme cold, and swings in temperature during the winter, raised insurance claims significantly in Western Canada.

The Insurance Bureau of Canada says in a news release that, “In January, British Columbia, Alberta and Saskatchewan experienced an extreme cold weather event that led to widespread water damage caused by frozen and burst pipes. Based on total claims counts, approximately 70% of all claims related to this extreme cold event were personal property claims.” Those claims created over $180 million in insured damage.

IBC points out that the year started with unseasonably mild temperatures but on January 12th that changed radically the mercury dropping well below seasonal which lasted for several days with dozens of new daily minimum temperature records documented by Environment Canada.

IBC also predicts that the frequency and severity of weather events will increase as will the financial costs for insurance companies and taxpayers. IBC says severe weather in 2023 caused over $3.1 billion in insured damage across the country.