November 7, 2003 by Canadian Underwriter
Damage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).
In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million. Marine damage adds another $3 million to the insured loss total.
The incident is an example of how insurers help to restore lives and contribute to the economy following a disaster, says Don Forgeron, Pacific region vice president for the IBC. Insurers and their representatives have worked evenings and weekends to ensure claims are dealt with as quickly as possible. “This is an excellent example of how quickly and efficiently private industry responds to the needs of consumers,” he says. “Since Juan hit the region more than a month ago, insurers have demonstrated that their promise to pay for damages is backed up by real action.”