Insured losses from Hurricane Fiona estimated at $587 million

Canada-based Catastrophe Indices and Quantification Inc. has increased its insured loss estimate for Hurricane Fiona, which struck Canada in September 2022, to more than $800 million Canadian ($587 million) from the earlier estimate of CAD660 million in October 2022, Canadian Underwriter reported. According to the Insurance Bureau of Canada, claims arising from severe weather have more than quadrupled in the past 15 years and the new normal for yearly insured catastrophic losses is CAD2 billion.