Edmonton, Alberta — The Insurance Bureau of Canada (IBC) has been tallying up damage costs and has found that the prairies have taken a hit of $120 million in insured damage this summer, following two significant storms.
Strong winds, hail and rain on July 22 caused $56 million in insured damage, while severe storms on Aug. 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).
“Again this summer, Canadians across the prairies had their homes, vehicles and businesses damaged by heavy storms,” said Aaron Sutherland, v-p of IBC’s western and pacific divisions.
“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.”
IBC is trying to assure the public that as severe climate events such as these become more frequent, IBC will continue to be there to support Canadians in their recovery.
“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,” said Sutherland.
“Nowhere is this more true than in Alberta. Of the ten most costly natural disasters in Canadian history, six of these have hit Alberta.”
These damage reports come following another early-July hailstorm in Calgary where IBC reported that more than $500 million in insured damage had been incurred.