Toronto, ON (Oct. 28, 2021) – The estimated insured damage of the six EF-2 strength tornadoes that hit Barrie, Innisfil, Kawartha Lakes, Little Britain, Manilla, Lindsay and Lake of Bays on July 15 has increased from $75 million to $100 million, based on surveys from Catastrophe Indices and Quantification Inc. (CatIQ). The tornadoes resulted in 10 injuries, 71 uninhabitable homes, and over 2,200 insurance claims for damage to personal and commercial property.
“Insurers have been in the community since day one, working hard to help their clients throughout the entire claims process, and will continue to work with policyholders,” said Kim Donaldson, Vice-President, Ontario, Insurance Bureau of Canada (IBC). “Your insurance representative is committed to helping you through this devastating event.”
“We are seeing some delays due to supply chain shortages caused by the pandemic. We ask for your patience and that you work closely with your insurer.”
Damage caused by wind is typically covered by home, commercial property and comprehensive auto insurance policies.
“More can be done to prevent damage and injuries from severe wind events, including EF-0 to 2 tornadoes, the most common in Canada, through very low-cost and effective changes to national and provincial building codes,” said Donaldson.
The July 15 tornadoes that hit Barrie-and-area communities are a sobering reminder of the risk that communities across Canada face. IBC continues to advocate to governments at all levels about the urgent need to do more to prioritize investments that build our resilience and better protect our families and communities from severe weather events, including those related to a changing climate.
Canada must develop a comprehensive plan to close governance gaps and improve climate defence overall, including enhancements to the 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: Insurance Bureau of Canada (IBC), insured damage, Natural Catastrophes, natural disaster losses, severe weather
