Hail and Rainstorms in Prairies cost $50 million in insured damage
Jul 28, 2016, 10:30 ET
EDMONTON, July 28, 2016 /CNW/ - Insurance Bureau of Canada (IBC) reports that a severe storm that swept across the prairies last month has resulted in more than an estimated $50 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ).
The warm, humid air mass that crossed the region between June 28 and 30 resulted in multiple severe thunderstorms, heavy rainfall causing localized flooding, strong winds gusting over 100 km/h, intense lightning, significant hail in Okotoks and a small tornado near Ponoka, Alberta.
"Storms like this bring the message home that we are seeing more extreme weather events and resulting damage to property," said Bill Adams, Vice-President, Western and Pacific, IBC. "To help Canadians protect their property, the insurance industry continues to share information about emergency preparedness and create new products that offer Canadians more choice and flexibility in protecting their homes."
While most of the damages occurred in Alberta, claims were also reported in Saskatchewan and Manitoba. Adams encourages those affected by these severe weather events to speak with their insurance representatives if they have questions about their coverage. For more information, call IBC's Consumer Information Centre at 1-844-2ask-IBC.
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
For further information: To schedule an interview, please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312, [email protected]
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