May 28, 2003 by Canadian Underwriter
Severe rain storms which hit Atlantic Canada in the beginning of April this year will likely cost insurers about $14.3 million as a result of auto, home and other property covers, says the Insurance Bureau of Canada (IBC).
Nova Scotia bore the brunt of the downpour from the storms, with the total insured loss amounting to $11.1 million. The insured loss for New Brunswick, Newfoundland and Prince Edward Island totaled $3.2 million. Most claims arose from water backup in private-household basements. “This single event resulted in the most insured damage in Atlantic Canada history,” comments IBC chief economist Paul Kovacs.