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(Image courtesy of First Onsite Property Restoration)
As Canadian communities experience record-breaking weather-related insurance losses, almost three-in-four Canadians are now worried about climate change’s effect on their properties and wallets, according to First Onsite Property Restoration’s annual Weather and Property Survey.
Commissioned by First Onsite each year, the Weather and Property Survey of more than 1,500 adults found that 73 per cent of Canadians are worried about being affected by climate change, extreme weather and disasters. This concern was highest in Atlantic Canada, at 79 per cent, followed by Manitoba, Ontario and British Columbia, all of which were above 75 per cent.
Additionally, three quarters of Canadians are concerned that climate change is driving up the cost of their home or business insurance. This is an eight per cent increase over last year. More than one-third of respondents report they have already experienced increases in their insurance rates.
According to CatIQ, 2024 shattered the record for severe weather-related property losses in Canadian history at $8.5 billion. This is nearly triple the total insured losses recorded in 2023 and tops the previous record of $6.2 billion from 2016 when wildfires tore through Fort McMurray, Alta.
Property insurance rates across Canada have already risen by 5.28 per cent in 2025, according to a study from MyChoice, a Canadian insurtech company. Alberta leads the country with a 9.07 per cent yearly increase in rates in 2025 after a massive $4.1 billion hit in damages, led by the Calgary hailstorm and the Jasper fire.
With spring underway this week, the focus shifts to severe rains and flooding. Overall, 66 per cent of Canadians have fears of severe rains and flooding, six per cent higher than last year. British Columbia, Quebec and Atlantic Canada were the provinces most worried about rain and flooding.
Canada has seen significant urban flooding events recently, including the 2024 floods in the Greater Toronto Area and Montreal. With 80 per cent of Canadian cities located on flood plains and Canada’s water infrastructure aging, Statistics Canada says these flooding events will continue and face increased pressure from climate change.
“As springtime approaches, one of the biggest threats to property is flooding and water damage,” said Jim Mandeville, senior vice-president, large loss North America for First Onsite Property Restoration. “The increased occurrence and intensity of weather-related events is a constant driver for homeowners, businesses and communities to be more resilient and better prepared for tomorrow.”