British Columbia wildfires cause more than $127 million in insured damage
VANCOUVER, Sept. 27, 2017 /CNW/ - Insurance Bureau of Canada (IBC) reports that the two most significant wildfires in British Columbia this summer caused more than $127 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).
"The size and scale of the wildfires this summer have been the largest in British Columbia's history," said Aaron Sutherland, Vice-President, Pacific, IBC. "These wildfires are yet more evidence that severe weather events are happening with greater frequency and intensity across Canada. Given these trends, a more disciplined and sustained approach is required to help British Columbians prepare for natural disaster. Governments, businesses, and individuals all have a role to play to help build a culture of preparedness in this province."
The wildfires around Williams Lake caused close to $100 million in insured damage to homes, vehicles, and businesses, while the Elephant Hill wildfire caused over $27 million in insured damage. These fires also caused the evacuation of tens of thousands of residents to emergency centres in Kamloops, Prince George, and across the province.
"Immediately following the evacuations, IBC and Canada's insurers were on the ground in BC's interior and Cariboo helping evacuees with their insurance-related questions," added Sutherland. "We were proud to work in close partnership with the Government of British Columbia, Emergency Management BC, local municipalities, and the Canadian Red Cross to help British Columbians affected by these fires get the service and support they needed."
For more information on how to protect property against fires and other disasters please 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 $49 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, public sector and other stakeholders. To learn more, visit www.catiq.com.
SOURCE Insurance Bureau of Canada
If you require more information, IBC spokespeople are available to discuss the details in this media release. For interviews please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312 (office), [email protected]
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