Insured flood costs in B.C.'s Fraser Valley estimated at $74 million

Severe weather caused close to $90 million in insured damage, with the Fraser Valley bearing about $74 million, and the Insurance Bureau of Canada says B.C.'s flood strategy remains underfunded.

Severe weather and flooding in southern British Columbia and parts of Alberta last month caused close to $90 million in insured damage, the Insurance Bureau of Canada said. The bureau said the Fraser Valley east of Vancouver accounted for about $74 million of those insured losses, mainly affecting homes and businesses. B.C. introduced a flood strategy after the 2021 events, but the bureau said the plan remains underfunded. Officials reported flooding in mid-December that affected Abbotsford and nearby farmland. Key facts: - Insured damage across southern B.C. and parts of Alberta is close to $90 million, according to the Insurance Bureau of Canada. - The Fraser Valley's insured losses are estimated at $74 million, primarily affecting homes and businesses. - The Insurance Bureau said B.C.'s post-2021 flood strategy remains underfunded and called for funding for risk mapping, protective infrastructure and incentives. - B.C.'s Minister of Emergency Management said the province is committed to recovery work but that federal funding support has not yet been provided. Summary: The reported insured losses underline ongoing recovery and financial pressures in affected communities. Undetermined at this time.