Insurers Supporting Albertans through Hailstorm Recovery
Media Statement from Insurance Bureau of Canada
EDMONTON, AB, July 22, 2020 /CNW/ - Today, Celyeste Power, Vice-President, Western, Insurance Bureau of Canada (IBC), issued the following statement concerning the hailstorm recovery in Calgary, Airdrie, Rocky View County and surrounding areas:
"Our thoughts are with those that faced the devastating hailstorm that hit Calgary and surrounding communities on June 13, 2020.
This is an insurable event. Governments and insurers are treating this event with the same urgency and importance as every other insurable severe weather event in Alberta history, including the 2016 Fort McMurray wildfires. Insurers are working with impacted residents, processing over 70,000 claims and expecting to pay out over $1.2 billion – a record amount for this type of storm. We are also supporting impacted Albertans by providing translated documents in multiple languages.
With regard to future insurance premiums, the insurance industry is well capitalized for these types of events. This is what we plan for, this what we are here for. Typically, no single event will lead to an automatic increase in premiums. There are many factors that come in to play and individual circumstances can vary. The insurance industry is competitive and insurers will have different exposures during various events – it also means that consumers can shop around for the best price and coverage option available to suit their unique needs and circumstances.
Insurers will remain on the ground assisting Albertans until the work is done. If residents have insurance questions, they can also contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We are here to help."
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 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us 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.
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, 416-841-5669, [email protected]
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