EDMONTON, Sept. 5, 2018 /CNW/ - Summer storms across the Prairies have caused more than $200 million in insured damage so far in 2018, according to Catastrophe Indices and Quantification Inc. Since May 2017, weather-related insured damage on the Prairies has reached $464 million.
On July 13 and 14, severe thunderstorms and large hail in central Alberta damaged siding and vehicles. The storms also hit Saskatchewan, bringing hail, strong winds and heavy rainfall. In total, this mid-July storm caused more than $30 million in insured damage to homes, businesses and vehicles. Newer vehicles are equipped with advanced technologies that are far more expensive to repair than the parts used in older vehicles. These increasing vehicle repair costs exacerbate the costs of severe weather.
From August 1 to 3, severe thunderstorms brought hail, strong winds and heavy rain. Hail pelted Calgary on August 2, causing significant auto and property damage. A tornado touched down in Alonsa, Man., destroying buildings and vehicles. The total insured damage from this storm was $80 million.
These two storms are in addition to a mid-June storm with heavy rain and hail in Saskatchewan and Manitoba that caused $90 million in insured damage.
Insurance Bureau of Canada (IBC) reminds consumers to be insurance aware and to check what your policy covers before severe weather hits. Ask your insurance representative about what coverage is included or what you need to add on, like overland flood coverage, for example. Consumers can also call IBC's Consumer Information Centre with their questions at 1-844-2ask-IBC.
To learn how to protect your property against floods and other disasters, visit IBC's website.
"These costs are only part of the picture – Taxpayers also foot the bill for this damage through disaster financial assistance arrangements programs that pay for many uninsured losses."
"We are witnessing more frequent, intense storms and it is urgent that provinces and communities take concrete steps – such as improving land use planning and changing building codes – to adapt to severe weather events."
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 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 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.
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: Vanessa Barrasa, Manager, Media Relations, 416-550-6092, [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...