Edmonton, AB (Aug. 22, 2016) – Insurance Bureau of Canada (IBC) reports a severe storm that swept through Alberta, Saskatchewan and Manitoba during the second week of July has resulted in more than $48 million in insured damage according to Catastrophe Indices and Quantification Inc. (CatIQ).
From July 8-11, a low pressure system caused severe thunderstorms in the Prairies. The storms produced strong winds, hail, lightning, heavy rainfall, and funnel clouds. This system also caused significant flooding in Estevan, SK and produced a brief tornado touchdown in Humboldt, SK on July 10.
“Severe storms have been happening more often and with greater intensity across the Prairies,” said Bill Adams, Vice-President, Western and Pacific, 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 before, during and after bad weather strikes.”
Most property damage were reported to have occurred in Saskatchewan. The most severe isolated thunderstorm cell over Estevan produced up to 130mm of rain in a short period of time. The heavy rains overwhelmed the local storm water systems causing streets to flood and sewers to backup.
Insurance Bureau of Canada is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up approximately 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 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