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The canadian winter has cost me close to$ 90 Million to insurers

by

Andrea Lubeck

26 March 2019 13:30

The canadian winter has cost $ 87 million ($M) in insured losses, according to data from CatIQ, as reported by the insurance Bureau of Canada (IBC), and Aon.

Two storms have caused the damage. The most recent occurred on 24 and 25 February in Ontario. The insured losses amounted to$ 48 Million. Winds up to 128 kilometers an hour blew over the city of Port Colborne, in the south of the province, causing power outages for the majority of the residents of the region. About 150 000 households were without electricity.

In addition, a mixture of freezing rain, blizzard and snow hit the north of Ontario. Rain and snow have also caused flooding in the south of the province.

The bad road conditions have also led to a pileup involving about 70 cars in Barrie.

In January, a winter storm had caused$ 39 Million in damage in eastern Canada, in the provinces of Quebec, New Brunswick, Nova Scotia and Prince Edward island.

A call to action for governments

“As the financial cost of bad weather increases, the BAC recommends that all levels of government to increase their investments to mitigate the effects of extreme weather and build resilience to its adverse effects. The cao will also campaign for improved infrastructure to protect communities against floods and fires, building codes, improved, better planning of land use and incentives to move the development of the homes and businesses of the areas most prone to flooding, ” wrote the organization.

As a reminder, the BAC does not recognise the damage insured event when they reach the bar of$ 25 Million. Storms less expensive, therefore, are not counted in the total of insured damage.

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