March storm in Ontario tops $25 million in insured damage

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Toronto, ON (Apr. 21, 2016) – Insurance Bureau of Canada reports that the cost of insured damage caused by the March 23-26 ice storm that swept through Southern Ontario is estimated at more than $25 million, according to the preliminary estimates provided by Catastrophe Indices and Quantification Inc. (CatIQ).(1)

While the storm hit many areas, Fergus, Orangeville, Barrie, Newmarket and surrounding areas were particularly affected by the storm. Strong winds and freezing rain toppled fences, trees and power lines, and left hundreds without power.

“Extreme weather events that used to happen once every 40 years now occur every six years, and have been increasing in severity,” said Kim Donaldson, Vice-President, Ontario, IBC. “In recent years, we’ve seen first-hand the impact that these storms can have, and the damage they do to our homes and businesses.”

Canadians, governments, businesses and the insurance industry recognize the toll that severe weather events are taking year after year. IBC has made adapting to severe weather a priority because it’s a phenomenon that continues to affect families and communities.

“One way to be better prepared is to understand your insurance coverage options,” Donaldson added. “Know what’s in your insurance policy, and research ways to reduce your property’s vulnerability to damage. For more information, speak with your insurance representative or call IBC’s Consumer Information Centre at 1-844-2ask-IBC. We’re here to help.”

Notes

1. This figure is based on a preliminary estimate from 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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 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