In figures prepared for the Insurance Bureau of Canada (IBC), CatIQ said Nova Scotia was the worst-hit area with more than C$385mn in insured damage due to extensive flooding, roofs destroyed by high winds and roads washed away.
Prince Edward Island suffered a C$220mn insured loss hit, with 95% of people living on the island left without power in the wake of the storm.
In New Brunswick, more than C$30mn of insured damages were recorded, with a further C$11mn in Quebec and C$7mn in Newfoundland and Labrador.
The IBC said Hurricane Fiona is the tenth most expensive insured loss in Canada in terms of insured damages. Of the 10 costliest disasters, eight have happened in the last decade.
Claims relating to severe weather events have more than quadrupled across Canada since 2008, with the average cost of cat losses in the country now at C$2bn per year, the IBC said.
It added that many of the people affected by the hurricane lived in high-risk flood areas and floodplains where residential flood insurance is not available, meaning the majority of costs for the disaster will be borne by the public sector.
Amanda Dean, vice president, Atlantic at the IBC said: “As we begin to see the extent of damages caused by Hurricane Fiona, it is clear that much more needs to be done to enhance our resilience to extreme weather events and build a culture of preparedness moving forward.”
