Revealed – huge loss total for Calgary hailstorm

Revealed – huge loss total for Calgary hailstorm | Insurance Business Canada

Revealed – huge loss total for Calgary hailstorm

The Insurance Bureau of Canada (IBC) has revealed that the June 13 weather event that brought hail, rain, and strong winds to Calgary, Airdrie, Rocky View County and the surrounding area caused nearly $1.2 billion in insured damages.

Citing data from Catastrophe Indices and Quantification Inc. (CatIQ), IBC also said that the majority of the insured damage was focused on personal property and vehicles, while a smaller percentage of damages was reported on commercial property.

“This event was fourth most expensive insured natural disaster in Canadian history. Our thoughts are with those affected by this devastating storm, and we are here to help Albertans fix their homes, cars and businesses,” said IBC Western vice-president Celyeste Power.

Power added that of the 10 most costly disasters in Canada, six of them hit Alberta.

“Fortunately, Albertans are resilient and continue to come together in difficult times like these,” the vice-president said.

IBC said that the recent Calgary hailstorm is the costliest hailstorm in Canadian history. The most expensive insured natural catastrophe on record is the 2016 Fort McMurray wildfire, which led to nearly $4 billion in insured damage. The next costliest loss was in 2013, which included flooding in southern Alberta and cost $3.5 billion.

Although damage caused by hail and wind is usually covered by home, commercial, and comprehensive auto insurance, overland flooding is an optional coverage that not every homeowner might have. IBC noted that the availability of this type of insurance can be limited in flood prone areas.

The provincial government of Alberta has announced financial support for residents who experienced overland flooding