June storms in Ontario and Prairies cost millions in insured damage

Toronto, ON (July 20, 2016) – The storms that hit Saskatchewan, Manitoba and Ontario on June 24 and 25 caused more than $34 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ) estimates. Wind, flash floods and hail hit several areas, resulting in nearly 3,500 insurance claims being filed for damaged homes, vehicles and businesses.

“Storms such as these have been happening more frequently and with greater severity,” said Bill Adams, Vice-President, Western & Pacific, IBC. “Speak with your insurance representative to make sure you have the right coverage to protect your home, vehicles and business.”

In Saskatchewan and Manitoba, hail, strong winds and flash floods caused most of the damage. In Ontario, flooding in the Thunder Bay area caused the greatest damage. Isolated hailstorms across the region also caused significant damage to homes and vehicles.

IBC encourages consumers to understand their insurance policies and the risks to their properties, and to take action to reduce their vulnerability to damage. For more information on home, auto and business insurance, phone IBC’s Consumer Information Centre at 1-844-2ask-IBC.

About CatIQ

Catastrophe Indices and Quantification Inc. (CatIQ) delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss indices and other related information to better serve the needs of the insurance and reinsurance industries, public sector and other stakeholders. To learn more, visit www.catiq.com.

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.

SOURCE: Insurance Bureau of Canada