The devastating wildfires and deadly flooding that plagued Nova Scotia last year have resulted in $490 million in insured losses, the Insurance Bureau of Canada said in a report released Thursday.

"The Nova Scotia floods and wildfires illustrated that we are not ready as a country to defend against severe weather escalating due to climate change," Amanda Dean, an Insurance Bureau vice-president, said in a statement.

In May and June of last year, two major wildfires — one in the Barrington area an…