EDMONTON, Aug. 24, 2016 /CNW/ - Insurance Bureau of Canada (IBC) reports a severe storm that swept through Southern Alberta and Saskatchewan during the third week of July has resulted in nearly $65 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ).
From July 15 - 16, a low pressure system caused heavy rainfall, large hail, and localized flash flooding in parts of southern Alberta and southern Saskatchewan. This system caused significant hail damage in Lethbridge, AB and localized flooding in Calgary, AB and Arbour Lake, AB. This storm also brought over 60mm of rain to Swift Current, SK in less than one hour.
"This is yet another example of severe weather events causing extensive damage in our region," said Bill Adams, Vice-President, Western and Pacific, IBC. "This has been an active summer across the Prairies and it reinforces the need for Canadians to understand their insurance policies and to have an emergency preparedness plan for when bad weather strikes."
Most damage was reported to have occurred in Alberta. Damage to homes and autos in that province, largely due to hail, resulted in upwards of $59 million in claims alone. This storm follows a previous system that hit the Prairies a week earlier which resulted in more than $48 million in insured damage.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_West or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss indices and other related information to better serve the needs of the insurance and reinsurance industries, public sector and other stakeholders. To learn more, visit www.catiq.com.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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