EDMONTON, Aug. 11, 2010 – Insurance Bureau of Canada (IBC) reports that a storm that pummeled Calgary and parts of southern Alberta with golf ball-sized hail earlier this summer has resulted in a record amount of insured damage for a hailstorm in Canada.
The July 12 weather event produced a sudden downpour and fierce hail large enough to dent cars. Local insurers were immediately inundated with calls from home, car and business owners seeking assistance.
Reports indicate that insured damage from the July hailstorm is almost $400 million. Tens of thousands of claims have been reported. Data is from PCS Canada. Subscribers to the PCS Canada service can access detailed reports of this event by logging in to www.pcs-canada.com.
Many Albertans will still remember the deadly windstorms that rolled across the province last summer. Then, as now, insurers were there to help Albertans repair and recover.
“That one weekend of bad weather last summer resulted in an estimated $347 million in insured damage,” said Doug Noble, Vice-President, Alberta and the North, IBC. “There is no doubt that we are seeing more and more the impact of severe weather in Alberta.”
It was another Calgary weather event that held the previous record for insured damage as a result of a hailstorm. In 1991, a 30-minute storm generated approximately 62,000 insurance claims and $342 million in home and auto property damage.
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 110,000 Canadians, pays more than $6 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.
To view news releases and information, visit the media section of IBC’s website at www.ibc.ca.