Toronto, ON (Nov. 28, 2012) – Insurance Bureau of Canada reports that the estimated insured property damage caused by the recent “Superstorm” Sandy that hit Ontario and part of Quebec amounts to approximately $100 million.
This is a preliminary estimate 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 thousands of claims have been filed for damage to homes, cars and businesses in the wake of the storm.
Between October 29 and 31st, the storm, which had serious impacts across the U.S. northeast, lashed across parts of Ontario and Quebec. Two people died and more than 150,000 people were without power as a result of the storm. Trees were toppled and power lines fell when winds reached 100 km/h. The high winds damaged homes and businesses, ripped shingles off roofs and heavy rains resulted in localized flooding and sewer backup in some residential basements.
Ralph Palumbo, IBC’s Ontario Vice-President stated: “This is a preliminary estimate and we expect that consumers may continue to have insurance questions during the claims process. If you can’t, for whatever reason, reach your insurance representative, and you have questions, call our Consumer Information Centre at 1-800-387-2880.”
PCS will be re-surveying insurers for an update in 60 days.
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 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.
To view media releases and information, visit the media section of IBC’s website at www.ibc.ca and for IBC on Twitter follow @insurancebureau.