Fiona aftermath: Many Canadians could be left without insurance coverage
BNN Bloomberg
Many Canadians are assessing the damage caused by Hurricane Fiona, after strong winds and heavy rainfall whipped through Eastern Canada over the weekend.
In a note to clients Tuesday, Patrick Douville, vice president of insurance at DBRS Morningstar, said Fiona will likely go down as “one of the largest catastrophic events in history for Atlantic Canada.”
“Initial estimates indicate that insured losses will be in the $300 million to $700 million range for the industry,” Douville said in a report Tuesday.
As many individuals start to file their insurance claims, Amanda Dean, vice president of the Atlantic Region for the Insurance Bureau of Canada, said people who are experiencing problems with flooding or sewer backup will most likely not be covered.
