Calgary, Alberta – It’s raining more than cats and dogs according to recent Insurance Bureau of Canada (IBC) reports. Initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ) indicate that the past few months of storms in Alberta and the Prairies have generated over $300 million in insured losses.
When calculating these losses, estimates were generated from damages incurred from hail, wind and rain damage. The total $300 million plus does not take into account damages incurred due to the recent wildfires.
According to Catastrophe Indices and CatIQ, of the total insured losses, over 90 million (30 percent) went toward replacing or repairing storm-damaged vehicles in Alberta.
Since 2020, insured losses to vehicles in Alberta from severe weather events totals more than $500 million.
“This is the third straight summer in which Alberta has seen significant insured damage from hail, wind and rain. The trend is clear, and it’s important that consumers work with their insurance representative to ensure they have the right coverage to protect their property or business from the impacts of these storms,” said Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC).
The IBC reports that of the recent summer storms, Calgary’s hail storm–which occurred over July 15, 2023–resulted in the most damage with over $100 million reported in damages. This is closely followed by Alberta and Saskatchewan’s Canada Day storms in which $100 million in damages was reported.
The IBC notes that with extreme weather patterns becoming more frequent, so too will increased insured losses due to storms.
