Last November’s floods in southern British Columbia is now estimated to have caused $675 million in insured damage, up from the previous $515 million.

That is according to the Insurance Bureau of Canada, which says the November floods were the most costly severe weather event in the province’s history.

Several communities – including Abbotsford, Princeton, and Merritt – were impacted by a series of atmospheric rivers that began on November 13 last year, that brought an unprecedented amount of rain to the southwest B.C. over a two-week period.

The Insurance Bureau notes that while the estimated insured flood damage has grown, the majority of the increased loss – and of total insured losses overall – is due to business claims where commercial insurance is more readily available.

It notes many residents who were affected lived in high-risk flood areas and on floodplains where residential flood insurance coverage is not available.

“While the insured losses from the November flood events are increasing, it is clear that the overwhelming majority of costs for this disaster will be borne by government,” Aaron Sutherland, the Insurance Bureau of Canada’s vice-president of the Western and Pacific region said, noting the expected cost to all levels of government will be into the billions of dollars.

“As we continue to see the increasing impacts of our changing climate, it’s clear much more must be done to enhance our resilience to these risks and build a culture of preparedness moving forward.”

The Insurance Bureau also says it has put forth options to create a residential flood insurance program – including a public-private partnership model – that “would help make affordable insurance available to residents of high-risk areas.”

“Canada must develop a comprehensive plan to close governance gaps and improve resiliency to adverse climate events overall,” noted IBC Vice President of Climate Change and Federal Issues, Craig Stewart.

“This includes investments in new infrastructure to lessen the impact of flood and fires on communities, improved building codes, better land-use planning and, increasingly, the creation of incentives to shift the development of homes and businesses away from areas of highest risk.”