Canada

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"Homeowners have been particularly affected by extreme weather claims, with recent hurricanes, floods and unprecedented wildfires," says the report, released Wednesday.

The report also says that for almost the entire period from the beginning of 2020 to the end of 2023, homeowner insurance premiums in Canada increased at a rate higher than inflation.

The report says that because insurance companies are responsible for rebuilding houses under current market conditions, they are subject to spikes in the cost of building materials.

Former federal environment minister Jonathan Wilkinson's 2021 mandate letter directed him to "invest in reducing the impact of climate-related disasters, like floods and wildfires, to make communities safer and more resilient."

A statement from the office of Housing, Infrastructure and Communities Minister Sean Fraser said the Liberal government "is making major investments in prevention, mitigation, response and recovery to help Canadians face these growing challenges."

The statement said that to date, 96 projects worth $2.5 billion have been announced through the Disaster Mitigation and Adaptation Fund and another $228 million is being spent over seven years through the Flood Hazard Identification and Mapping Program.

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