Fisheries committee  Not specifically for Fiona, but if we look at the insurable catastrophic loss claims for Canada, we can look between 1983 to 2008. Losses ranged from approximately $250 million to $450 million. From 2009 onward to 2021, losses averaged $1.96 billion. That is insurable losses. If you multiply that amount by three to four times, and if you take into consideration the B.C. floods and mudslides and what happened in Fiona, it's five to six times that amount that is uninsurable losses.

Fisheries committee  I'll flip it to my colleague, Joanna, as well, but I will say that in a cost-avoidance perspective, for every dollar spent in adaptation and protecting communities against risk of loss, you actually end up saving, on average, $3 to $8 over a 10-year period in the long term. That's a low estimate.

Fisheries committee  Building on what Joanna said, what are the financial consequences of the status quo? The Intact Centre has identified ways to mitigate the physical risks of climate change across specific industry sectors, and the financial impacts those risks pose. As an example, the Intact Centre conducted the study entitled “Treading Water: Impact of Catastrophic Flooding on Canada's Housing Market” to determine if community-level flooding affects Canadian residential real estate and mortgage markets.