EDMONTON, Sept. 7, 2016 /CNW/ - Insurance Bureau of Canada (IBC) reports that severe storms that swept through the Southern Prairies during the third week of July resulted in over $66 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ).
From July 18 - 20, a low pressure system caused heavy rainfall, large hail, high winds, tornadoes, and extreme lightning across the southern regions of Alberta, Saskatchewan, and Manitoba. This system caused significant hail damage in Medicine Hat, AB and caused tornadoes in Saskatchewan and Manitoba. This storm also saw winds of up to 107 km/h in the City of Winnipeg. Outlying areas west of Winnipeg reported winds upwards of 122 km/h.
"This summer has brought storm after storm to the Prairie provinces," said Bill Adams, Vice-President, Western and Pacific, IBC. "As the traditional storm season begins to wind down, Canadians should take this opportunity to review their insurance policies, make sure they're adequately covered, and implement a plan for when bad weather strikes."
Most damage was reported to have occurred in Alberta. Damage to homes and autos in that province, largely due to hail, resulted in close to $52 million in claims. This storm follows a previous system that hit Alberta and Saskatchewan a week earlier which resulted in nearly $65 million in insured damage.
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]