Fourth highest insured damage event in Canadian history
EDMONTON, AB, July 8, 2020 /CNW/ - The hail, rain and windstorm that hit Calgary, Airdrie, Rocky View County and the surrounding area on June 13 caused almost $1.2 billion in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The majority of the insured damage is to personal property and vehicles, with a smaller percentage of damages to commercial property.
"This event was fourth most expensive insured natural disasters in Canadian history. Our thoughts are with those affected by this devastating storm, and we are here to help Albertans fix their homes, cars and businesses," said Celyeste Power, Vice-President, Western, Insurance Bureau of Canada (IBC). "Insurers will be on the ground assisting until the work is done. If residents have insurance questions, they can also contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We are here to help."
Damage caused by hail and wind is typically covered by home, commercial and comprehensive auto insurance policies. In addition to the $1.2 billion in insured damages, the Government of Albertaannounced financial support for residents who experienced overland flooding as this type of insurance can be less available in flood prone areas.
"Albertans know too well the stress, turmoil and financial hardships that severe weather events can cause. Of the 10 most costly disasters in Canada, six of these have hit Alberta. Fortunately, Albertans are resilient and continue to come together in difficult times like these" added Power.
The recent Calgary hailstorm is the costliest hailstorm in Canadian history and the fourth costliest natural disaster of all time. The most expensive insured natural catastrophe on record is the 2016 Fort McMurray wildfire, which cost almost $4 billion. The next highest loss was in 2013, which was $3.5 billion and included the flooding in southern Alberta.
IBC has deployed its virtual Community Assistance Mobile Pavilion (CAMP) to get information out to consumers quickly. For more information on hail coverage, please visit ibc.ca.
The amount of insured damage is an estimate provided by CatIQ (www.catiq.com) under licence to 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 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @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.
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: Steve Kee, Director, External Communications, 416-841-5669, [email protected]
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...