IBC: Total weather-related insured damage for 2018 now over a billion dollars

IBC: Total weather-related insured damage for 2018 now over a billion dollars | Insurance Business

IBC: Total weather-related insured damage for 2018 now over a billion dollars

With recent severe weather events taking a heavy toll on Canada, the Insurance Bureau of Canada (IBC) has revealed that the total of insured damage across the country has exceeded a billion dollars.

The bureau said in a media release that total weather-related insured damage thus far in 2018 is about $1.4 billion.

The July/August storms in Alberta and Saskatchewan were among the recent contributors to the amount, causing more than $240 million in insured damage to homes, businesses, and vehicles. Storms brought damaging winds and sizable hail to central Alberta and central Saskatchewan on July 06 and 07, 2018. Conditions were so severe in one region – Saskatchewan Lakeland – that the wind toppled large trees that then smashed into recreational vehicles and cabins in the area. The region alone saw $40 million of insured damage as a result.

The Prairies also saw over $500 million in insured damage – $200 million of which was due to this year’s summer storms.

Another thunderstorm that hit Toronto and other parts of Ontario in August led to $80 million in insured damage.

“Costs from severe weather events in the Prairies and across the country have been increasing. Insured losses is only part of the picture, taxpayers also foot the bill,” said IBC acting vice-president for Western Canada Celyeste Power.

“We all have a role to play in adapting to the changing climate. We need to look at increased access to flood maps so that consumers understand their risk, better land use planning and updated building codes."