IBC pegs Canadian insured loss estimate from Sandy at $100 million

The Insurance Bureau of Canada (IBC) has reported the preliminary estimate for insured losses in Canada from “superstorm” Sandy at about $100 million.

The estimate comes from Property Claim Services Canada (PCS-Canada), a service that tracks insured losses arising from catastrophic events in Canada. Its data suggests that thousands of claims have been filed for damage to homes, cars and businesses in the wake of the storm.

The storm hit Ontario and parts of Quebec between Oct. 29 and Oct. 31. Two people died and more than 150,000 people were without power as a result of the storm. High winds reaching 100 km per hour damaged homes and businesses and ripped shingles off roofs and heavy rains resulted in localized flooding and sewer backup in some residential basements, IBC noted.

PCS will be re-surveying insurers for an update in 60 days.