March ice storm to cost insurers $25M

March ice storm to cost insurers $25M | Insurance Business

March ice storm to cost insurers $25M
More than $25 million in insured damage – that’s the estimate of the cost of havoc wreaked by the ice storm that swept through Southern Ontario in late March according to preliminary approximations from Catastrophe Indices and Quantification Inc. (CatIQ).
The ice storm that roared across the country’s most populous area between March 23rd and 26th was especially damaging to Fergus, Orangeville, Barrie, Newmarket and surrounding areas. Strong winds and freezing rain toppled fences, trees and power lines, and left hundreds without power.
“Extreme weather events that used to happen once every 40 years now occur every six years, and have been increasing in severity,” said Vice-President, Ontario of the Insurance Bureau of Canada, Kim Donaldson. “In recent years, we’ve seen first-hand the impact that these storms can have, and the damage they do to our homes and businesses.”  
“One way to be better prepared is to understand your insurance coverage options,” Donaldson added. “Know what’s in your insurance policy, and research ways to reduce your property’s vulnerability to damage.”