Canadian Government Is Spending Huge Money On Disaster Payouts

Canadian Government Is Spending Huge Money On Disaster PayoutsThe Canadian government has reported that they have paid a huge amount of money as insurance payments to the victims of natural disasters that hit the country last year. The Insurance  Bureau of Canada sadly revealed that the frequency, severity and cost of extreme weather in Canada are increasing, with Alberta leading the way. Based on the latest data by the Insurance Bureau of Canada, Alberta accounted for 67 per cent of disaster payouts in Canada.
Insurance officials in Canada are surprised of the frequency and number of disasters that hit the country the past year. “Storms that used to happen once every 40 or 50 years are now happening once every 15 or 20 years,” Don Forgeron, the organization’s CEO said. The officials hope the government can prepare more for the onslaught of disasters so that they can shell-out less money from its coffers.
The officials said annual payouts from flooding, fire, hail and windstorms increased from $100 million about 10 years ago to $1 billion between 2009 and 2012. For 2012 alone, hail storms across Alberta caused $530 million in damage. The officials hope there would be less disasters to hit the country this year so that they can use the money allocated for disaster payments for other more pressing matters concerning the Canadian residents.
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