Saskatchewan insurance rates face spikes due to extreme weather

Extreme weather events in the Canadian Prairies, specifically Saskatchewan and Manitoba, are driving a significant increase in insurance costs. Since 2021, approximately 30 catastrophic weather events have resulted in roughly $2.5 billion in insured losses.

Expert Jason Thistlethwaite notes that these losses represent an increase of 140 percent compared to the previous five-year period. To recoup these costs, insurance providers are expected to raise annual premiums and implement more frequent coverage exclusions. Potential restrictions may target high-risk areas, such as flood zones or regions prone to wildfires.

Insurance costs in Canada have risen approximately 100 percent over the last decade, placing the country among those with the highest rates in the OECD. These increases are currently outpacing the rate of inflation.