Toronto, ON (Aug. 11, 2016) – Insurance Bureau of Canada (IBC) reports a severe storm that swept through southern Ontario during the second week of July has resulted in more than $30 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ).
On the evening of July 8, a passing cold front caused severe thunderstorms in areas north of Toronto including Orillia, Markdale and Bradford. The storm produced winds of up to 100 km/hr, intense lightning, heavy rain and hail.
Property damage was caused primarily by hail. Large hail coupled with strong winds damaged roofs, siding and windows on homes. The hail dented cars and broke windshields. Significant crop damage was also reported.
“Severe storms have been happening more often and with greater intensity across Ontario,” said Kim Donaldson, Vice-President, Ontario, IBC. “It is important that Canadians understand their insurance policies and what’s covered. It’s also essential to have an emergency preparedness plan and know what to do when bad weather strikes.”
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 media releases and more information, visit www.ibc.ca.
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.
SOURCE: Insurance Bureau of Canada