Canadians are growing concerned that the country is increasingly unprepared for the next big natural disaster, with 58 per cent believing governments have not properly prepared communities, according to a

recent survey by the Insurance Bureau of Canada. “After years of escalating natural disasters and a lack of coordination between governments to build resilience, these survey results from Canadians are not surprising, but should serve as a much-needed wake-up call,” Celyeste Power, IBC’s chief executive, said in a release.

“As severe weather events increase in frequency and severity, Canadians expect all orders of government to work together to ensure communities are protected from the impacts of wildfires, floods and other natural disasters.”

Natural disasters, such as wildfires, flooding and earthquakes, have become multibillion-dollar expenses, but 61 per cent of Canadians are not confident that governments are working together to prepare for future disasters.

In 2024, insurance losses tied to extreme weather events totalled more than $8 billion for the first time, partly due to $3 billion in losses created by a hailstorm in Calgary and $2.7 billion in losses from Hurricane Debby in Quebec.

Overall, the year’s insurance losses shattered the previous record of $6 billion in 2016 following the wildfires in Fort McMurray, Alta.

It’s too early to cost out many of the natural disasters in Canada this year, but 2025 could be the worst year on record for wildfires, with 6.26 million hectares of damage as of July 30, quadruple the 10-year average,

according to Statistics Canada . The severity of the fires already has losses on track to  surpass previous records , according to a report by Morningstar DBRS, and may have insurance companies rethinking how to insure Canadian households, particularly in wildfire-prone regions.

“The Canadian market is showing early signs of coverage tightening for properties near wildland-urban interfaces and exclusionary clauses or stricter underwriting for wildfire risk in high-exposure zones,” the report said. “In our view, this retreat may result in a reliance on government-backed schemes to fill the coverage gaps.”

IBC is calling on the federal government to implement a three-point plan to protect vulnerable communities by improving how homes are built, making public infrastructure projects resilient and closing risk-based insurance protection gaps.

“In the face of these increasing risks, Canada must set an ambitious goal: to become the best in the world when it comes to preparing for, responding to and recovering from natural disasters,” Power said.

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While the likes of Nvidia Corp. and Amazon.com Inc. are sexy investments, the “boring” tech companies are suddenly enjoying the spotlight on Wall Street.

Seagate Technology Holdings Plc, which makes hard disk drives for computers, is up 156 per cent this year, the best within the S&P 500 Index. Meanwhile,

Western Digital Corp. has climbed 137 per cent.  For some, the growth shows just how wide-reaching the demand for AI has gone, but others worry it’s a sign that the AI bubble is about to pop.

  • 2:30 p.m.: Bank of Canada governor Tiff Macklem speaks at the Greater Saskatoon Chamber of Commerce
  • Privacy protection authorities for Canada, Quebec, British Columbia and Alberta hold a news conference in Ottawa on the findings of an investigation into video-sharing platform TikTok.
  • Today’s Data: New housing price index for August, U.S. existing home sales for August
  • Today’s earnings: Autozone Inc., Barnes & Noble Education Inc.
  • ‘Bring Canadian talent home’: Tech execs raise $15 million for new homegrown startups
  • Fixed or variable rate mortgage? There’s a third option, but you’ll always be ‘half wrong’
  • Investors have to adjust as monetary policy becomes increasingly politicized
  • La Caisse to buy Australian battery developer in renewables bet

Read more here.  Fixed or variable rate mortgage? That seems to be the $1 million question (literally, in some markets), but there is a third option. Diversifying debt into 50 per cent variable and 50 per cent fixed is available, but nobody wants it, in part because of the difficult paperwork involved and the idea that no matter what half of your home has a higher rate.

Read more here.  Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at

wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus, check out his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report or a suggestion for this newsletter? Email us at

  • Canadians to pile on billions in debt this holiday season
  • Businesses are feeling the pinch as Canadians cut back

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