Canadian Underwriter

May windstorm caused more than $410 million in insured damage: CatIQ

June 1, 2018   by Staff

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Copyright: / Jason WinterA May windstorm that affected Ontario and parts of Quebec resulted in more than $410 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).

Ontario suffered $380 million in insured damage, making the storm the costliest insured event in the province since the 2013 Toronto floods, which cost almost $1 billion.

“It has been quite a damaging year so far,” said Kim Donaldson, vice-president of the Ontario region for the Insurance Bureau of Canada (IBC). “This year alone, insurers have already paid out three-quarters of a billion dollars, just five months into 2018.”

The May storm’s strong wind gusts lasted for several hours, leading to roof damage, downed trees and power outages. IBC is advising homeowners to inspect their roofs and attics to ensure they’re ready for severe weather events.

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This story was originally published by Canadian Insurance Top Broker.