HALIFAX, April 26, 2017 /CNW/ - Insurance Bureau of Canada (IBC) reports that a windstorm which affected eastern Newfoundland on March 11, 2017 has resulted in almost $45 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ).
A low pressure system brought damaging winds to eastern Newfoundland. Wind gusts of over 180 km/hr caused severe property damage in the region with sustained winds over 110 km/hr.
"Windstorms can be a devastating force of nature. They can cause significant damage in a very short amount of time," said Amanda Dean, Vice-President, Atlantic, IBC. "It is important that consumers take precautions and secure their property in an effort to minimize potential damage. Consumers should also understand their insurance policies and know what's covered before storms like these, or other catastrophes strike."
The hurricane-force winds caused damage to residential and commercial buildings, vehicles, and power lines. In total, more than 70,000 consumers were without power. The winds diminished on the evening of March 11 leaving most of the province in blizzard-like conditions.
For more information on how to protect property against windstorms and other disasters please visit IBC's website.
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 $9 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_Atlantic 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
For further information: To schedule an interview, please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312, [email protected]