July 20, 2004 by Canadian Underwriter
Insured losses from the hail and rainstorm which caused widespread flooding in the Edmonton area have already caused insurers to post at least $87 million in reserves, and the total is sure to rise, says Louise Bremness, manager of regional services for the Insurance Bureau of Canada (IBC).
With 19 insurers reporting preliminary claims figures, Bremness says about 75% of the nearly 6,200 claims fall under homeowners’ policies. Less than 5% are for auto damage as a result of rain and hail, and the remainder are commercial claims. However, the total does not include losses sustained at the West Edmonton Mall, where several stores were shut down for days as a result of flooding.
The storm, which hit July 11, brought with it hail and about 150 mm of rain, with reports of tornadoes in Morinville and Andrew.
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