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Canada: Extreme weather could mean higher premiums, says broker

January 30, 2014 - 6:00am

Canada's insurance sector is looking at increasing premiums in light of the extreme weather conditions in the country, Aqua Insurance Brokers Ltd.'s owner Valerie Stephens has said, adding that hail and flood damage is becoming a bigger source of insurance claims.

Claims had totaled $3.2 billion Canadian ($2.9 billion) in 2013, with storms in southern Alberta alone costing more than $1.7 billion Canadian ($1.5 billion), St. Albert Gazette reports. Ms. Stephens also said consumers may soon have the ability to see the breakdown of their coverage, the newspaper reported.

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