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Storms : the total amount of insured losses approaching$200 Million

by

Andrea Lubeck

May 1, 2018 09:45

Since the beginning of the year, the storms and weather events have caused insured damages totalling $ 196 million ($M), according to data compiled by Catastrophe Indices and Quantification (CatIQ) and relayed by the insurance Bureau of Canada (IBC).

The storms in early April resulted in insured losses of$ 85 Million, caused by the severe downpour, heavy snowfalls and winds. Although these weather events have also affected the province of Quebec, the majority of the damage occurred in Ontario and have especially led to claims in home insurance. The LAC also specifies that the total damages to Ontario only exceed the half-billion dollars for the last twelve months.

The insured losses are rising rapidly

“The insured losses from storms like these are increasing rapidly. However, this is only an overview of partial. Taxpayers also bear the burden of these costs because most of the loss is not covered. We are seeing storms more frequent, intense, that we now know related to climate change, ” says Craig Stewart, vice-president, federal affairs, IBC.

The experts of the TRAY also claim that this spring is particularly difficult in eastern Canada. They estimate that weather events are only a prelude to other events that will affect these areas during the season.

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