TORONTO, Sept. 25, 2017 /CNW/ - Insurance Bureau of Canada (IBC) reports that a significant flooding event in Windsor resulted in more than $124 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).
From August 28 - 29, a slow-moving area of low pressure produced significant rainfall over areas of southwestern Ontario. These rains, up to 290mm in some areas, brought major flooding to Windsor, Tecumseh, and other parts of Essex County. The Windsor Airport broke a rainfall record, receiving 100mm of rain in a short period of time. Over 1,000 basements were reported flooded and water levels were waist-high in some areas.
"Climate change is causing severe weather events to happen more frequently and with greater intensity, especially storms involving floods. While the insured damage from these floods is significant, the total cost to homeowners and government is not yet known," said Kim Donaldson, Vice-President, Ontario, IBC. "Because flooding can cause significant damage in a very short amount of time, it is critically important for consumers to know what their policies cover and whether they have sewer backup or overland flood protection. Sewer backup coverage is widely available as an add-on product to most standard home insurance policies. Overland flood protection is available across the province from several insurers. Consumers in high-risk areas and areas prone to frequent floods may run into difficulty finding affordable coverage. Consumers should check with their insurance representatives to see what options are available to them."
For more information on how to protect property against floods 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 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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