Insured Damage for Fort McMurray Flood Rises to $522 Million
EDMONTON, AB, Aug. 4, 2020 /CNW/ - An update from Catastrophe Indices and Quantification Inc. (CatIQ) shows that the damage from the April flood in Fort McMurray, Alta., is greater than originally stated. The new tally reveals that the flooding caused $522 million in insured damage. The increase comes from updated figures on the flood's impact on commercial property, with the remaining losses due to affected personal property and automobiles.
On June 1, IBC issued a media release in which CatIQ estimated the damage at over $228 million. Since then, CatIQ has surveyed insurers and adjusted its data on the storm.
Alberta's "Summer of Catastrophes" has also included a $1.2 billion hailstorm in Calgary, Airdrie, Rocky View County and surrounding area on June 13; flooding and wind damage in Edmonton and surrounding area in July; and a storm that battered Calgary with hail and flash flooding on July 24. Data for the most recent storm is not yet available, but it is possible that the three storms combined could see insured damages top $2 billion.
"Albertans across the province have seen the devastating impacts of severe weather events this summer," said Celyeste Power, Vice-President, Western, Insurance Bureau of Canada (IBC)."The insurance industry is here to help its customers recover and rebuild from these catastrophes. If you have any insurance questions, please contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We are here to help."
The amount of insured damage is an estimate provided by CatIQ (www.catiq.com) under licence to IBC.
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 131,000 Canadians, pays $9.1 billion in taxes and has a total premium base of $65 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @IBC_West 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.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
To schedule an interview, please contact: Steve Kee, Director, External Communications, IBC, 416-841-5669, [email protected]
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