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The Insurance Bureau of Canada (IBC) has issued a statement regarding the hailstorm that struck the Edmonton area earlier this month, revealing that the severe weather event led to an estimated $90 million in insured damages.
Citing figures from Catastrophe Indices and Quantification (CatIQ), IBC has revealed a breakdown of the projected insured damages incurred in Edmonton:
|
Type of insurance coverage |
Insured damages (initial estimates) |
|
Personal property |
$39.5 million |
|
Commercial property |
$3.4 million |
|
Auto |
$46.9 million |
The storm first caused heavy rain to fall, but it was soon joined by thunderstorms and heavy winds with speeds of up to 91 km/hr. Hail as large as a grapefruit damaged homes and vehicles in the areas of west Edmonton, Spruce Grove and Stony Plain. IBC reported that the storm also ruined crops northwest of Edmonton.
Read more: Edmonton pelted by grapefruit-sized hail
“Severe weather is causing headaches for homeowners and is costing insurers, governments and Albertans significantly,” commented IBC Western vice-president Celyeste Power in a statement.
A report by AMA Insurance published last July found that 51% of all storm-related damage in Canada since 2010 can be found in Alberta. The same report also discovered that 66% of Canada’s major hailstorm events occur in the province.
