Toronto, ON (Jan. 13, 2022) – A storm that moved across eastern Canada from December 11 to 14, bringing strong winds to Ontario and Quebec and heavy rain and wind to parts of the Atlantic provinces, caused over $152 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Damage associated with the storm spanned the region, including reports of flooding and downed trees that caused power outages.
Insured damage caused by Dec. 11–14 storm, by province
- Ontario: over $100 million
- Quebec: over $40 million
- Atlantic Provinces: under $10 million
- TOTAL: over $152 million insured losses
“Insured losses related to natural catastrophic events averaged $2 billion per year between 2009 and 2020, compared with an average of $422 million per year in the 1983 to 2008 period,” said Craig Stewart, Vice-President, Federal Affairs, Insurance Bureau of Canada (IBC). “The time to act is now. Canada needs to adapt to the reality of severe weather to better protect Canadians from coast to coast to coast.”
Taxpayers and insurers share the cost for severe weather damage. For every dollar paid in insurance claims for homes and businesses damaged by severe weather, all levels of government and taxpayers pay much more to repair public infrastructure. Yet Canada still lacks a national climate adaptation strategy with measurable targets and the accompanying investments needed to protect Canadian homes and businesses from natural disasters.
Visit IBC’s website for information on how to prepare for a disaster and home flooding mitigation techniques.
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.
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)