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Residents walk through flood waters in Calgary on June 24, 2013.
Residents walk through flood waters in Calgary on June 24, 2013.
(Nathan Denette/THE CANADIAN PRESS)

Prepare for more weather disasters, insurance watchdog tells industry

Property and casualty insurers are still reeling from a summer that brought forth the costliest disaster in Canadian history.

Canada’s insurance watchdog says the industry’s risk-management strategies must improve to better handle the rising costs of the catastrophic weather events that have caused losses to swell to about $1-billion a year.