Every year, extreme weather events wreak havoc across Canada, disrupting the lives of tens of thousands. Financial losses from these events have surged, surpassing $7 billion in 2024, due in part to climate change, asset accumulation and more people living in high-risk areas.
Evidence from Canada, the United States and Europe shows that weather-related disasters aren’t experienced equally. The people hardest hit are often those with the fewest resources to cope.
Lower-income and marginalized populations face greater exposure, have fewer resources to prepare or recover and incur a higher proportion of losses not covered by insurance.
