Unlike natural disasters, homes may become unavailable due to theft and vandalism. Because of this, families may be left without security.
In 2011, private Premiums & Claims insurers wrote $8.2 billion in net written premiums for personal property insurance. Unfortunately, only $5.3 billion net claims were paid out.
For each year from 2009 to 2012, insured losses from natural catastrophes in Canada have been near or above $1 billion. In 2011, losses hit 1.7 billion. In 2012, losses were again 1 billion.
Water Damage and Sewer Backup can be the result of increasing incidence of severe weather. Meanwhile, costing billions of dollars to the insurance industry. Damage caused by severe weather has emerged in recent years as the leading cause of property insurance claims. Consequently, exceeding fire damage in some regions of the country.
The Slave Lake fire caused $700 million in fire and smoke damage insured losses. This resulted in the largest catastrophe of the year.