Articles from Connect CRE

In August, a wildfire in Kingston, Newfoundland and Labrador, caused approximately $70 million in insured damages to homes, businesses, and infrastructure, prompting the evacuation of around 3,000 residents. The event was the largest insured property loss in Atlantic Canada this year, highlighting the increasing risk and cost tied to extreme weather events. The Insurance Bureau of Canada is urging investments in resilient infrastructure and stricter building codes to mitigate the impact of future disasters. Prolonged dry conditions and high temperatures have intensified wildfire risks in the region.