Toronto, ON (Aug. 8, 2019) – Successive weather events marked the first half of 2019, pushing claims up significantly for P&C insurers, with total compensation of $292 million paid out* in Quebec, up 165% from the same period last year.
While the spring floods in Quebec cost $127 million, episodes of torrential rains, strong winds and floods between January and March totalled $165 million.
Dealing with higher claims
The number of weather-related claims was up 63% from the first half of 2018. To respond to demand created by this unusual volume, some insurers had recourse to an exceptional measure authorized by Autorité des marchés financiers (AMF) that allowed out-of-province or retired claims adjusters to help out Quebec insurers under certain conditions.
Adapting and preventing
“Extreme weather events are becoming increasingly frequent as a result of climate change and the insurance industry is mobilizing to deal with this. Insurance Bureau of Canada is continuing its information and prevention campaigns to help citizens better understand the risks, so that they can manage them more effectively,” said Pierre Babinsky, Director, Communications and Public Affairs for Quebec, at Insurance Bureau of Canada.
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* CatIQ data collected on behalf of Insurance Bureau of Canada, quantifying weather events with indemnity payouts of over $25 million.
About Insurance Bureau of Canada
Insurance Bureau of Canada, which groups the majority Canada’s P&C insurers, offers various services to consumers in order to inform and assist them when purchasing car or home insurance, or making a claim. For all other information, we invite you to contact our Insurance Information Centre at 1-877-288-4321 or visit our web site at bac-quebec.qc.ca
Toronto-based 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 and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, the public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. To learn more, visit www.catiq.com.
Source: Insurance Bureau of Canada (IBC)Tags: Autorité des marchés financiers (AMF), CatIQ, Insurance Bureau of Canada (IBC), Québec, severe weather