IBC gives damage report on recent wildfire, storm events

IBC gives damage report on recent wildfire, storm events | Insurance Business Canada

IBC gives damage report on recent wildfire, storm events

The Insurance Bureau of Canada (IBC) has issued two separate reports on the White Rock Lake wildfire and the summer storms that hit the Canadian Prairies, noting that the combined estimated insured damage cost of both has hit $197 million.

The wildfire that sparked in White Rock Lake, BC on August 02 is estimated to have caused $77 million in insured damage, based on estimates from CatIQ. IBC reported that more than 800 claims are expected from this event, with the majority of the claims being related to residential properties.

“Canada’s insurers are here to help the residents of Killiney Beach, Monte Lake and other areas impacted by the White Rock Lake wildfire recover and rebuild following the devastation it has caused,” said IBC Western and Pacific vice president Aaron Sutherland.

Meanwhile, the summer storms that struck Alberta and Saskatchewan on July 22 and August 31 caused a total of $120 million in insured damage. Hail damaged both homes and vehicles in both provinces, while strong winds downed trees and power lines.

“Again this summer, Canadians across the Prairies had their homes, vehicles, and businesses damaged by heavy storms,” Sutherland commented. “Our thoughts are with those who have been affected by these storms. Canada’s insurers are here to help.”

Sutherland added that as Canada continues to see the increasing impacts of the planet’s changing climate, it has become clear that “much more must be done to create a culture of preparedness,” and build resiliency to climate change risks.

“We all must do better to prepare for wildfires, floods, heat, hail and windstorms,” the vice president said. “These perils are having an outsized impact on those most vulnerable and, as a result, we must greatly enhance our efforts to mitigate future change and adapt to the new weather reality we face.”