MONTREAL, Aug. 8, 2019 /CNW/ - Successive weather events marked the first half of 2019, pushing claims up significantly for P&C insurers, with total compensation of $292 million paid out* in Quebec, up 165% from the same period last year.
While the spring floods in Quebec cost $127 million, episodes of torrential rains, strong winds and floods between January and March totalled $165 million.
Dealing with higher claims
The number of weather-related claims was up 63% from the first half of 2018. To respond to demand created by this unusual volume, some insurers had recourse to an exceptional measure authorized by Autorité des marchés financiers (AMF) that allowed out-of-province or retired claims adjusters to help out Quebec insurers under certain conditions.
Adapting and preventing
"Extreme weather events are becoming increasingly frequent as a result of climate change and the insurance industry is mobilizing to deal with this. Insurance Bureau of Canada is continuing its information and prevention campaigns to help citizens better understand the risks, so that they can manage them more effectively," said Pierre Babinsky, Director, Communications and Public Affairs for Quebec, at Insurance Bureau of Canada.
- Validate one's insurance policy to check that the coverage offered corresponds to one's needs.
- Check out Infoinsurance.ca and apply the prevention and maintenance measures to avoid losses:
* CatIQ data collected on behalf of Insurance Bureau of Canada, quantifying weather events with indemnity payouts of over $25 million.
Insurance Bureau of Canada, which groups the majority Canada's P&C insurers, offers various services to consumers in order to inform and assist them when purchasing car or home insurance, or making a claim. For all other information, we invite you to contact our Insurance Information Centre at 1-877-288-4321, or visit our web site at bac-quebec.qc.ca
SOURCE Insurance Bureau of Canada
For further information: Pauline Triplet, Communications Advisor, Tel.: 514 288-1563, ext. 2277, [email protected]