Insured damage from Hurricane Fiona estimated at $660 million

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An initial estimate from Catastrophe Indices and Quantification Inc. suggests that Hurricane Fiona caused $660 million in insured damage.

According to the Insurance Bureau of Canada, the storm was the costliest extreme weather event ever recorded in Atlantic Canada in terms of insured damage, according to the estimate provided by CatIQ.

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He added that many of those affected by the storm were in high-risk flood zones and flood plains where home flood insurance coverage is not available.

As a result, the bureau says the overwhelming majority of disaster costs will be borne by the government.

The storm made landfall in Nova Scotia on September 24 and tore through the region, knocking out power to more than 500,000 customers in the Maritimes.

The office says the storm also swept at least 20 homes into the ocean.

This report from The Canadian Press was first published on October 19, 2022.