Canadian Underwriter

Prairie summer storms caused more than $240 million in insured damage: IBC


September 14, 2018   by Staff


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Copyright: 123RF.com / Jason WinterJuly and August storms that occurred in Alberta and Saskatchewan caused more than $240 million in insured damage, according to a release from the Insurance Bureau of Canada (IBC).

“Costs from severe weather events in the Prairies and across the country have been increasing,” said Celyeste Power, acting vice-president for IBC’s Western region. “Insured losses are only part of the picture; taxpayers also foot the bill.”

The current cost of severe weather events in Canada this year sits at $1.4 billion in insured losses.

“We all have a role to play in adapting to the changing climate,” Power said. “We need to look at increased access to flood maps so that consumers understand their risk, better land use planning and updated building codes.”

IBC noted several other weather events that caused significant damage to the Prairies this year:

  • May 2017: Wind, water and flood damage near Lacombe, Alberta, resulted in $68 million in insured damage.
  • June 2017: A hail storm in Saskatchewan caused more than $46 million in insured damage.
  • July 2017: Wind and water damage in in Yorkton and Melville, Saskatchewan, and in parts of Alberta resulted in over $50 million in insured damage.
  • October 2017: A windstorm in Dauphin and Winnipeg, Manitoba, and parts of Alberta caused over $100 million in insured damage.
  • June 2018: Wind, rain and hail in Saskatchewan and Manitoba resulted in $90 million in insured damage.
  • July 2018: Severe thunderstorms in central Alberta caused $120 million in insured damage.
  • August 2018: Hail, strong winds and heavy rain in Alberta and Saskatchewan resulted in $30 million in insured damage

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This story was originally published by Canadian Insurance Top Broker.