The Globe and Mail reports in its Tuesday, Jan. 14, edition that the Insurance Bureau of Canada says insured damage from severe weather reached a record $8.5-billion last year, signalling that some regions may become uninsurable. The Globe's Clare O'Hara writes that an IBC report released on Monday revealed that the number of claims for natural disasters in 2024 surpassed the previous record of $6-billion set in 2016. The IBC says that while insurance coverage for wildfires is still "widely available," the increasing frequency and severity of weather-related losses are putting pressure on claims costs, which will ultimately impact the cost of insurance. The IBC warns, "As we watch the devastating wildfires in California where insurability of homes is at real risk, Canada's property insurers are raising the alarm that regions of Canada could potentially face similar challenges." IBC vice-president of climate change Craig Stewart says: "Canada is clearly becoming a riskier place to live, work and insure. As insurers price for risk, this increased risk is now impacting insurance affordability and availability. Canadian governments must be more pro-active to properly manage and mitigate risk."