IBC: July storms in three provinces led to $130 million in insured damage

IBC: July storms in three provinces led to $130 million in insured damage | Insurance Business

IBC: July storms in three provinces led to $130 million in insured damage

The Insurance Bureau of Canada (IBC) explained in a recent release that the provinces of Alberta, Saskatchewan and Manitoba together racked up a multi-million total in insured damages due to recent storms.

The bureau zeroed in on the severe storms that hit Alberta, Saskatchewan and Manitoba from July 13 to 15, 2019, and southern Alberta and Saskatchewan on July 30, 2019. Citing Catastrophe Indices and Quantification (CatIQ), the IBC said that the weather events caused over $130 million in insured damage.

For the July 13-15 storm in Alberta, Saskatchewan and Manitoba, CatIQ gave an initial estimate of $41 million in total insured damages across the three provinces. When broken down, Manitoba reported $2 million in insured damages, Alberta with $11 million, and Saskatchewan outpacing the other two with a whopping $29 million. This weather event saw significant hail, wind and water damage – as well as 68 mm of rainfall.

CatIQ projected an initial estimate of $91 million in total insured damages for the July 30 storm affecting southern Alberta and Saskatchewan. Unlike the previous storm event, Saskatchewan only reported $1 million in insured damages. Alberta took the brunt of the storm, suffering a crushing $90 million in insured damages. This event also led to hail, which damaged both cars and homes.

“Western Canada was impacted by several storms this past summer, but these two stand out in terms of the catastrophic losses suffered,” commented IBC Western vice-president Celyeste Power. “Severe, unpredictable weather like this is becoming more frequent, resulting in higher costs to homeowners, insurers and governments.”