Toronto, ON (Oct. 25, 2021) – Storms that hit southern Ontario on September 7 and September 22 caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). These storms caused extensive damage across southern Ontario.
The September 7 storms included heavy rain, wind and tornadoes that caused structural damage to many properties. Downed trees left 30,000 properties without power for hours. The September 22 storms brought heavy rain and extensive flash flooding. Strong wind gusts caused damage to trees and power lines across southwestern and southcentral Ontario, leaving more than 38,000 properties without power at the peak of the storms.
“Our thoughts are with those whose lives have been disrupted and whose homes have been damaged. Canada’s insurers are here to help residents recover from theses storms. IBC has been there from day one, and will continue to provide support during this difficult time. Anyone who has been impacted and has questions about their home, auto or business insurance, should call their insurance representative or call IBC’s Consumer Information Centre at 1-844-2ask-IBC. We’re here to help,” said Kim Donaldson, Vice-President, Ontario, Insurance Bureau of Canada (IBC).
Damage caused by wind and rain is typically covered by home, commercial property and comprehensive auto insurance policies.
“Insurers are working hard to help their clients throughout the entire claims process, and will be there until all policyholders have been looked after,” said Donaldson. “Your insurer and insurance representative is committed to helping you through this devastating event.”
The storms that hit southern Ontario communities last month are a sobering reminder of the increasing risks facing communities across Canada. IBC continues to advocate to governments at all levels on the urgent need to do more to prioritize investments that build resilience and better protect families and communities from a changing climate. Canada must develop a comprehensive plan to close governance gaps and improve climate defence overall, including enhancements to the current building code to protect against severe wind events. IBC is committed to working closely with the private sector and governments to improve Canada’s preparedness for and resilience to severe weather events.
The amount of insured damage is an estimate provided by CatIQ under licence to IBC.
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.
For more information, visit 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.
About CatIQ
Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and 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, public sector and other stakeholders. To learn more, visit www.catiq.com.
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. CatIQ also partners with MSA Research to host the Canadian catastrophe conference, CatIQ Connect, which will run quarterly online until Feb 2022 when it will be back in-person on an annual basis.
Source: Insurance Bureau of Canada (IBC)
Tags: CatIQ, Insurance Bureau of Canada (IBC), insured damage, Natural Catastrophes, severe weather
