Revealed – how much Ontario’s summer storms cost the insurance industry
Revealed – how much Ontario’s summer storms cost the insurance industry | Insurance Business Canada
Catastrophe & Flood
Revealed – how much Ontario’s summer storms cost the insurance industry
Ottawa among the hardest-hit regions, says IBC
Catastrophe & Flood
By
Mika Pangilinan
The severe storms and flash floods that wreaked havoc across Ontario this past summer resulted in insured losses surpassing $340 million, according to the Insurance Bureau of Canada (IBC), citing initial estimates from Catastrophe Indices and Quantification Inc (CatIQ).
Amanda Dean, IBC’s interim vice president in Ontario, identified Ottawa as the hardest-hit region, along with other areas in the southern part of the province.
“Ontarians once again experienced a summer of severe storms and floods that damaged or destroyed homes, vehicles and businesses,” said Dean. “While much of southern Ontario was affected, the Ottawa region was hardest hit by these summer storms, with intense flash flooding, torrential downpours and violent wind gusts.”
In July, a cold front crossing southern Ontario and Quebec brought about severe thunderstorms, including confirmed tornadoes near South Buxton and Petrolia, as well as hailstones and flooding.
The event resulted in over $30 million in insured damage and was closely followed by another bout of intense thunderstorms, which led to an additional $30 million in insured losses.
More thunderstorms inundated southern Ontario in early August, bringing large hailstones, violent wind gusts, and torrential downpours. Lindsay and Ottawa bore the brunt of these storms, leading to over $100 million in insured damage.
Another notable event that occurred over the summer was the August 10 flash floods in Ottawa, which caused over $70 million in insured damage. IBC also highlighted the southwestern Ontario storms that occurred between August 23 and 25, with roughly 200 millimeters of rain, multiple tornadoes and large hailstones causing more than $110 million in losses.
Additionally, nearly 25%, or over $80 million, of the total losses reported by CatIQ went towards replacing or repairing damaged vehicles.
“Our member insurers have been on the ground since day one and continue to work with the large number of policyholders whose property was damaged by these events,” said Dean. “Flooding and severe storms can be costly, stressful and difficult for people who have been affected. As rebuilding and recovery continue, those who have been impacted can continue to work with their insurance representative.”
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