TORONTO, Sept. 21, 2011 /CNW/ - Insurance Bureau of Canada (IBC) reports
that the estimated insured damage caused by a tornado that struck
Goderich, Ontario in August amounts to at least $75 million.
The $75 million is a preliminary estimate reported by Property Claim
Services Canada (PCS-Canada), a service that tracks insured losses
arising from catastrophic events in Canada. Data collected by
PCS-Canada confirms that thousands of claims have been filed for damage
to homes, cars and businesses in the wake of the storm.
Immediately after the storm hit Goderich, IBC deployed its Community
Assistance Mobile Pavilion (CAMP) to the community to assist residents
and businesses by offering on-site, insurance-related information.
"I was on the ground with IBC's CAMP, and I can say firsthand that the
tornado's destruction to property in Goderich was awful," said Ralph
Palumbo, Vice-President, Ontario, IBC. "It's devastating for those who
have been affected."
Palumbo added: "Insurance companies were on the ground after the
disaster to help affected residents and businesses. Many insurance
companies brought in extra staff to start issuing cheques to residents
to cover their daily needs and to begin processing claims immediately.
And the industry continues to help the community to recover."
The entire recovery process may still take time because of the extent of
the claims and the availability of skilled trades and labour for
demolition and rebuilding in the small community. Insurers are also
working to fulfill rebuilding requirements for damaged homes and
buildings with heritage designations, to ensure the rich history of the
community is preserved.
Ontario has seen a handful of damaging tornados in the past few years. A
tornado that hit the Leamington area in June 2010 cost $120 million in
insured damage, while another that hit the Vaughn area in August 2009
cost $88 million.
If consumers have questions, they are urged to contact their brokers,
agents or insurance company representatives, or IBC's Consumer
Information Centre in Ontario at 1-800-387-2880 (Monday-Friday, 8
Data about Goderich is from PCS Canada. Subscribers to the PCS Canada
service can access detailed reports of this event by logging in to www.pcs-canada.com.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association
representing Canada's private home, car and business insurers. Its
member companies represent 90% of the property and casualty (P&C)
insurance market in Canada. The P&C insurance industry employs over
114,000 Canadians, pays more than $7 billion in taxes to the federal,
provincial and municipal governments, and has a total premium base of
To view media releases and information, visit the Media Centre of IBC's
website at www.ibc.ca.
SOURCE INSURANCE BUREAU OF CANADA
For further information:
Erika Bennett at 416-362-2031 ext. 4312