Prairie Storms cause $120 million in insured damage
EDMONTON, AB, Sept. 23, 2021 /CNW/ - Two storms this summer across Alberta and Saskatchewan caused a total of $120 million in insured damage. Strong winds, hail and rain on July 22 caused $56 million in insured damage, while severe storms on August 31 brought flash flooding and large hail that caused a further $64 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Hail damaged homes and vehicles in both provinces, while strong winds downed trees and power lines, leaving many without power for hours.
"Again this summer, Canadians across the Prairies had their homes, vehicles, and businesses damaged by heavy storms," said Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC). "Our thoughts are with those who have been affected by these storms. Canada's insurers are here to help. Anyone with questions about their home or business insurance should call their insurance representative or IBC's Consumer Information Centre at 1-844-2ask-IBC."
Damage caused by hail and wind is typically covered by home, commercial and comprehensive auto insurance policies. IBC reminds residents in Alberta and Saskatchewan that the insurance industry is committed to assisting its customers throughout the entire claims process for this, and any other, severe weather event.
"As our climate changes, the frequency and severity of weather events is on the rise, and so too are the financial costs borne by insurers and taxpayers," added Sutherland. "Nowhere is this more true than in Alberta. Of the 10 most costly natural disasters in Canadian history, six of these have hit Alberta."
These storms are the latest in a very concerning trend and follow closely on the heels of a hail event in Calgary earlier this summer that caused over $500 million in insured damage on July 2. Last year, Calgary also witnessed the costliest hailstorm in Canadian history, causing roughly $1.2 billion in insured damages, making it the fourth costliest natural disaster of all time. The most expensive natural catastrophe on record is the 2016 Fort McMurray wildfire, which resulted in almost $4 billion in insured losses. The next highest loss, at $3.5 billion, was in 2013, and included the flooding in southern Alberta.
Governments at all levels must do more to prioritize investments that build our resilience and better protect our families and communities. Canada must prioritize its work on a national adaptation strategy including a high-risk flood insurance pool to address climate-related disasters such as extreme heat, wildfires, floods, windstorms and hail. Increased collaboration across the public and private sector collaborate is essential to defending Canadians from these events.
The amount of insured damage is an estimate provided by CatIQ (www.catiq.com) under licence to IBC.
Resources
If you have questions, contact your insurance representative or IBC's Consumer Information Centre at 1-844-2ask-IBC.
For additional information, visit www.ibc.ca/hail or email [email protected].
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.
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.
SOURCE Insurance Bureau of Canada
Media Contact: Vanessa Barrasa, Manager, Media Relations, IBC, 416-550-9062, [email protected]
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