16 September 2019 11:30
Two storms have resulted in insured damage of more than 130 million dollars ($M) in the Prairie provinces in the month of July, according to data from Catastrophe Indices and Quantification (CatIQ), relayed by the insurance Bureau of Canada (IBC).
The first storm occurred from 13 to 15 July in Alberta, Saskatchewan and Manitoba, and has caused damage of$ 41 Million, while the second, which took place on 30 July in Alberta and Saskatchewan, has led to damages of$ 91 Million. In the two storms, the hail damaged houses and vehicles.
The BAC notes that two-thirds of these damages have affected the segment of property insurance of individuals. The remaining third is split between property insurance and automotive companies.
Losses are “catastrophic”
“Western Canada has been affected by several storms last summer, but both of these disasters are distinguished by their catastrophic losses, stresses Celyeste Power, vice-president of the Western region for the TRAY. The extreme weather conditions and unpredictable violence of this kind become more frequent, leading to costs higher for homeowners, insurers and governments. “
The TRAY reminds us that it ” works closely with all levels of government to increase investment in order to mitigate the future consequences of severe weather and increase the resilience of its harmful effects “. The agency argues in particular for the improvement of building codes, better planning of land use, the establishment of incentives to keep the homes and businesses away from areas at risk of flooding and the investment in new infrastructure to protect communities against floods and fires.