Estimate of insured losses exceed $1.7 billion
CALGARY, Sept. 23, 2013 /CNW/ - Insurance Bureau of Canada (IBC) reports
that the latest PCS-Canada estimate of the insured property damage
caused by last June's southern Alberta floods now exceeds $1.7
billion. It is the costliest natural disaster in Canadian history.
"It's a staggering number that we expect will go even higher," said Bill
Adams, IBC Vice-President, Western and Pacific. "While the monetary
cost of the floods is huge, the emotional toll on Albertans is
incalculable. Insurers and IBC are committed to helping Albertans
through the claims process as they clean up and rebuild their lives and
Flooding was the result of torrential rainfall between June 20 and 24.
Four people died and 100,000 people were forced from their homes. The
Alberta government declared a state of emergency for a number of
communities in southern Alberta.
Immediately after the flooding, some 5,000 insurance professionals
deployed to focus on helping with the claims process. IBC provided
residents with information about assessing damage, filing claims and
resolving disputes; it also coordinated with governments at the
municipal, provincial and federal levels flood response and recovery.
IBC and its members continue to advance claim requests as quickly as
possible to ensure that policyholders can return to normal life.
The preliminary estimate of insured losses was calculated by Property
Claim Services Canada (PCS-Canada), a service that tracks these losses
arising from catastrophic events in Canada. PCS-Canada also reports
that well in excess of 25,000 claims have been filed in the wake of the
floods. PCS-Canada will update both numbers in 60 days.
Adams added, "We know there are still questions and concerns to be
answered. If you can't reach your insurance representative or have
general questions about your policy, call IBC's Consumer Information
Centre at 1-800-377-6378."
Data about insured damage is from PCS-Canada. Subscribers to the
PCS-Canada service can access detailed reports by logging on 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
118,600 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 other information, visit the media section of
IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook.
SOURCE: INSURANCE BUREAU OF CANADA
For further information:
IBC spokespeople are available in Calgary today to discuss the details in this media release.
To schedule an interview, please contact:
Director, Media Relations
Insurance Bureau of Canada