Toronto, ON (Mar. 20, 2018) – Insurance Bureau of Canada (IBC) reports that a significant winter storm and flood event, which affected parts of Southern Ontario and Quebec, resulted in more than $57 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).
From February 19-22, 2018, a slow-moving high pressure system brought high temperatures and heavy rains to parts of Southern Ontario, including Brantford, Chatham–Kent, London, Cambridge, and parts of the Greater Toronto Area. Heavy rains also affected Quebec’s Eastern Townships and parts of Quebec City. The rainfall and high temperatures caused flooding in several parts of the region. Over $43 million in insured damage was reported in Ontario and over $14 million in Quebec.
“Climate change is causing severe weather events more frequently throughout the year, especially storms involving floods,” said Kim Donaldson, Vice-President, Ontario, IBC. “Since flooding can cause significant damage in a very short time, it is important for consumers to know what their policies cover and whether they have overland flood protection. Consumers should check with their insurance representatives to see what options are available to them.”
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 $52 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. 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 (IBC)Tags: CatIQ, IBC, insured damage, Natural Catastrophes, ontario, quebec