Prairie storm in July added $40 million to total cost for this year
Edmonton, AB (Sept. 13, 2018) – Summer storms across the Prairies continue to demonstrate the financial costs to consumers and tax payers. The July and August storms in Alberta and Saskatchewan caused more than $240 million in insured damage to homes, businesses, and vehicles. This brings the total of insured damage across Canada to $1.4 billion thus far in 2018.
Severe storms brought damaging wind gusts and large hail to central Alberta and central Saskatchewan on July 6 and 7, 2018. The storm downed large trees onto recreational vehicles and cabins in the Saskatchewan Lakeland region causing $40 million of insured damage.
Insurance Bureau of Canada (IBC) reminds consumers to be insurance aware and to check what your policy covers before severe weather hits. Ask your insurance representative about what coverage is included or what you need to add on, like overland flood coverage, for example. Consumers can also call IBC’s Consumer Information Centre with their questions, at 1-844-2ask-IBC.
To learn how to protect your property against floods and other disasters, visit IBC’s website.
“Costs from severe weather events in the Prairies and across the country have been increasing. Insured losses is only part of the picture, taxpayers also foot the bill. We all have a role to play in adapting to the changing climate. We need to look at increased access to flood maps so that consumers understand their risk, better land use planning and updated building codes.”
– Celyeste Power, Vice-President, Western, IBC (Acting)
Severe weather events have hit the Prairies, resulting in over $500 million in insured damage.
- May 2017: Wind, water and flood damage near Lacombe, Alberta, resulted in $68 million in insured damage.
- June 2017: A hail storm in Saskatchewan caused more than $46 million in insured damage.
- July 2017: Wind and water damage in in Yorkton and Melville, Saskatchewan, and in parts of Alberta resulted in over $50 million in insured damage.
- October 2017: A windstorm in Dauphin and Winnipeg, Manitoba, and parts of Alberta caused over $100 million in insured damage.
- June 2018: Wind, rain and hail in Saskatchewan and Manitoba resulted in $90 million in insured damage.
- July 2018: Severe thunderstorms in central Alberta caused $120 million in insured damage.
- August 2018: Hail, strong winds and heavy rain in Alberta and Saskatchewan resulted in $30 million in insured damage.
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 126,000 Canadians, pays $9 billion in taxes and has a total premium base of $54.7 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: flood damage, IBC, insured damage, natural disaster losses, severe weather