Toronto, Ontario -- Two catastrophic weather events that struck Eastern Canada in February are provided a sobering reality check to the nation’s insurers.
According to the Insurance Bureau of Canada and Catastrophe Indices and Quantification Inc., a thaw and series of severe storms that swept through Ontario, Quebec, and Atlantic Canada in February caused more than $260 million in insured damages.
With many Ontarians still grappling with the lingering impacts of the recent ice storm, residents have once again experienced a harsh winter with severe storms and floods that damaged or destroyed homes, vehicles and businesses,” said Amanda Dean, vice-president of Ontario and Atlantic at the IBC.
According to the IBC, to qualify as a catastrophic weather event, an incident must cause at least $30 million in insured damages.
Ontario and Quebec bore the brunt of the destruction. From February 24 through 26, temperatures surged above freezing, rapidly melting snow but failing to thaw the land. The frozen ground was unable to absorb the excess water, leading to more than $160 million worth of claims.
This resulted in in widespread flooding in low-lying areas. One of the most dramatic incident involving automobiles resulted from the partial collapse of a six-storey parking garage in Ottawa. More than 50 vehicles were trapped inside.
Ontario, Quebec and the Atlantic provinces also as experienced a four-day storm that began on February 15. It brought intense snowfall, wind gusts, ice and freezing rain, causing $90 million in insured damages. More than 600 vehicle collisions were reported as a result of the storm in Ontario alone.
“Flooding and severe winter storms can be costly, stressful and difficult for people who have been affected,” Dean added.
“As rebuilding and recovery continue, those who have been impacted can continue to work with their insurance representative and adjuster. This includes asking for updates on contractor availability and how that may impact claim completion.”
