Toronto, ON (July 30, 2015) – Insurance Bureau of Canada reports that the insured damage caused by the heavy rains and strong winds that swept southern Ontario on June 22 is estimated at more than $30 million, according to the preliminary estimate by Catastrophe Indices and Quantification Inc. (CatIQ).(1)
The heavy rain in Toronto and London caused localized flooding. In Toronto, flooding was mainly limited to pooling water, causing the closure of intersections and cancellation of several early-morning GO trains. Basement flooding was also reported across the Greater Toronto Area.
In certain parts of London, the rain overwhelmed the sewer system. The resulting sewer backup caused residential basements to flood and affected commercial properties, including White Oaks Mall.
In other parts of southern Ontario, strong winds brought down trees, causing power outages. With the relentless lightning contributing to outages, at least 100,000 Hydro One customers lost power.
“Weather events that used to happen every 40 years can now happen every six years,” said Ralph Palumbo, Vice-President, Ontario, IBC. “In recent years, we’ve seen first-hand the impact that storms can have. Storms are more frequently damaging our homes and business properties.”
Insurers continue to counsel consumers on the need to understand their risks and take action to reduce their property’s vulnerability to damage. Before another storm hits, consumers should contact their insurance representatives for information on their policies and what types of coverage best suits their individual circumstances.
For more information on home, auto and business insurance, phone IBC’s Consumer Information Centre at 1-844-2ask-IBC (1-844-227-5422) or visit www.ibc.ca.
1. This figure is based on a preliminary estimate from Catastrophe Indices and Quantification Inc. (CatIQ), which compiles and combines comprehensive insured loss amounts and related information to serve the risk management needs of the insurance and reinsurance industries.
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 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For more information, visit IBC online at www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.
SOURCE: Insurance Bureau of Canada