April ice storm caused more than $190 million in insured damage
TORONTO, May 10, 2018 /CNW/ - The costs of insured damages from extreme weather across Ontario continue to rise. Insurance Bureau of Canada (IBC) reports that the mid-April ice storm that affected Southern Ontario resulted in more than $190 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).
The storm brought strong winds, flooding, heavy snow and ice build-up. The vast majority of claims occurred in Ontario including the Greater Toronto Area. CatIQ has reported more than 15,000 insurance claims including 1,800 car collisions due to the storm.
Insurance companies are on the frontlines of extreme weather events and play a vital role in helping homeowners and communities recover more quickly. Extreme weather associated with climate change is affecting Canadians now. It has gone from a future threat to a present danger. Canadians are feeling its effects across the country and on the bottom lines of many businesses and organizations.
"Insured losses from storms such as this one are increasing rapidly," said Kim Donaldson, Vice-President, Ontario, IBC. "A generation ago, insurers paid out – on average – about $400 million a year in today's dollars across Canada on weather-related costs. Now that number often tops $1 billion a year, and sometimes it goes much higher. This past year in Ontario alone, CatIQ has tracked over $600 million in insured damage from weather-related events."
IBC reminds consumers that because of changing spring weather conditions, it is vital to know what your policies cover and whether your home insurance policy includes overland flood protection, which remains a continuing threat with the spring runoff. Check with your insurance representative to see what options are available. For more information on how to protect property against severe weather, floods and other disasters, visit IBC's website.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $52 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
About CatIQ
Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss indices and other related information to better serve the needs of the insurance and reinsurance industries, the public sector and other stakeholders. To learn more, visit https://www.catiq.com/.
SOURCE Insurance Bureau of Canada
IBC spokespeople are available to discuss the details in this media release. For interviews please contact: Steve Kee, Director, Media & Digital Communications, 416-362-2031 ext. 4387 (office), 416-841-5669 (cell), [email protected]
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