Hurricane Igor causes over $65 million in insured damage

Insurers paying thousands of claims in Newfoundland and Labrador

HALIFAX, Nov. 2 2010 – According to preliminary estimates, Hurricane Igor was one of Newfoundland and Labrador’s most disastrous storms, with total insured losses of more than $65 million.

The number was reported by Property Claim Services Canada (PCS-Canada), a service that tracks insured losses arising from catastrophic events in Canada. Data collected by PCS-Canada confirms that several thousand claims have been filed in the wake of Hurricane Igor for damage to homes, cars and businesses.

The amount includes damage caused by wind, sewer backup, fallen trees and water entering homes through broken windows, roofs and walls. It does not include overland flooding, which is excluded from home insurance policies in Canada.

“The $65 million estimate in insured losses really drives home the incredible extent of the destruction to homes and property. It’s devastating for those who have been affected,” said Bill Adams, Vice-President, Atlantic, Insurance Bureau of Canada (IBC). “The insurance industry has been working around the clock to handle claims since Igor struck. Though the process may take more time than usual because of the number of claims, cheques are being issued and the industry will continue to help people recover.”

He added, “Many insurance companies brought in extra staff, some from out of province, to start processing claims immediately and to answer questions 24 hours a day. They put adjusters on the road, and some even flew staff in by helicopter if the roads were washed out.” Recovery work is ongoing, and if consumers have questions, they are urged to contact their brokers, agents or insurance company representatives. Also, IBC has a toll-free consumer information line available 24/7: 1-800-565-7189 ext. 227 or 228.

About Insurance Bureau of Canada

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.