Ottawa, ON (Sept. 1, 2017) – Insurance Bureau of Canada (IBC) reports that two significant storm and flooding events in Eastern Ontario and Western Quebec resulted in more than $223 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).
“Climate change is causing severe weather events, especially storms involving floods, to happen more frequently and with greater intensity. While the insured damage from the spring floods is significant, the total cost to homeowners and government is not yet known,” said Craig Stewart, Vice-President, Federal Affairs, IBC. “Flooding coupled with windstorms can cause significant damage in a very short amount of time. Recent events, like Hurricane Harvey in the United States, show how unprepared we are and why it is so important for governments, industry, and consumers to work together to protect residents and communities. Therefore, we applaud federal Public Safety Minister Ralph Goodale’s leadership in hosting a Ministerial Round Table on Flood Risk this November in Regina.”
April 5 – 7 Ontario-Quebec Storms
From April 5 to 7, a pair of low-pressure systems led to major flooding in Southern Quebec and wind damage across parts of Ontario and Quebec. Roads, homes, and businesses were flooded in Quebec as rivers overflowed and sewers backed up. Following the heavy rains, strong wind gusts downed trees and power lines across many areas of both provinces. This system caused over $106 million in insured damage.
May 5 – 7 Flooding Event
Multiple days of significant rainfall led to significant flooding across parts of Eastern Canada with the majority of damage occurring in Eastern Ontario and Quebec. The heaviest rainfall occurred on May 5th and 6th, with some areas recording up to 155 mm of rain. There were numerous states of emergency declared in Southern Quebec, and Eastern Ontario with thousands of residences affected and people evacuated from their homes. This system caused nearly $117 million in insured damage.
For more information on how to protect property against floods and other disasters, please visit IBC’s website.
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 $9 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.
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.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
For further information: For interviews in Ontario, Canada (excl. Quebec), please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312 (office), 416-550-9062 (cell), firstname.lastname@example.org; For interviews in Quebec (English and French), please contact: Caroline Phémius, Advisor, Public Affairs and Media Relations, 514-288-1563 ext. 2232 (office), 514-953-0828 (cell), email@example.comTags: flood, Insurance Bureau of Canada (IBC), insured damage, Ontario, Québec