Natural disasters wreaked over $3.1 billion in insurable damages in 2023, the fourth-most expensive year on record for Canadian insurers.

Covering those costs is already putting pressure on insurance companies to raise rates on property owners.

The industry's trade association, the Insurance Bureau of Canada, brought attention to the losses in a statement.

It urged the federal government to follow through on a promise made last year to create a national flood insurance program that would make insurance more affordable.

"Once launched, this program would provide Canadians living in high-risk areas with affordable financial protection and peace of mind when a flood strikes. Details of the program must be shared with our industry and the provinces this winter if it's to be operational before the next federal election," said Craig Stewart, vice-president, climate change and federal issues for the Insurance Bureau of Canada.

The costliest of the Canadian natural disasters took place in the Okanagan and Shuswap areas of British Columbia, where wildfires cost $720 million in insurable damage over a six week period starting mid-August.

Other costly natural disasters last year included summer storms in Ontario that lasted over a period of about five weeks from July 20 that led to $340 million in insurable damage.

Ice storms in Ontario and Quebec in early April caused $330 million of losses and summer storms in the Prairies cost $300 million.

A combination of wildfires and floods last summer in Nova Scotia also led to $335 million in damages.

Canada’s worst year on record took place in 2016, when a series of events, led by fires near Fort McMurray, Alberta cost insurers $5.96 billion.

Only two other years proved costlier than 2023. One took place in 2013, when damage was counted at $3.87 billion due to events that included floods in Alberta and several weather events around Toronto.

And in 2022 a combination of natural disasters caused $3.4 billion in insurable damages.