Weather-related insured damages in region total over a third of a billion dollars in past year
Vancouver, BC (July 20, 2018) – Insurance Bureau of Canada (IBC) is reporting that a mid-June storm affecting parts of Saskatchewan and Manitoba resulted in more than $90 million in insured damage, according to data from Catastrophe Indices and Quantification Inc. (CatIQ). Weather-related insured losses in those two provinces have now surpassed a quarter of a billion dollars since the beginning of 2017.
In Saskatchewan, strong winds and large hail, in some cases as big as a baseball, caused significant damage to property. In Estevan, the storm damaged vehicles, windows and siding, crops and industrial equipment. In North Portal, toonie-sized hail broke windshields, and in Bienfait, strong winds toppled saltwater storage tanks.
In Estevan, and also in Hartney and Portage la Prairie, Manitoba, the storm downed power lines, causing power outages. There were also reports of road flooding. In addition, 42 mm of rain was reported at The Forks in Winnipeg, and 25 mm was reported at the Winnipeg airport.
“Insured losses from storms are only part of the picture. Taxpayers are also footing the bill for this damage, since many losses that are uninsured are paid through provincial disaster financial arrangements. We are witnessing more frequent, intense storms, consistent with the results of a changing climate,” said Bill Adams, Vice-President, Western, IBC. “These losses show that urgent action is needed on adaptation as well as mitigation. There are concrete things that can be done by provinces and communities right now such as better land use planning and changes to building codes.”
Over the past year, a series of severe weather events have hit parts of the prairies and resulting in more than $250 million in damage. The events included:
- A windstorm in October 2017 in Winnipeg and Dauphin, Manitoba, and in parts of Alberta, resulting in damage of over $100 million
- Wind and water damage in July 2017 in Yorkton and Melville, Saskatchewan, and in parts of Alberta, resulting in damage of over $50 million
- A hailstorm in June 2017 in Saskatoon, Saskatchewan, resulting in damage of over $46 million
- Wind, water and flood damage in May 2017 near Lacombe, Alberta, resulting in $68 million in damage.
IBC reminds consumers that it is vital to know what their insurance policy covers before the next storm hits, including whether it includes overland flood protection. Check with your insurance representative to see what options are available to you.
Visit IBC’s website for more information on how to protect your property against disasters, including Home Flooding Mitigation Techniques.
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. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC (1-844-227-5422).
SOURCE: Insurance Bureau of Canada (IBC)
Tags: Insurance Bureau of Canada (IBC), insured damage, Manitoba, natural disaster losses, Saskatchewan
