October 29, 2021 by Canadian Underwriter Staff
Severe storms in early and late September caused $105 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).
The Sept. 7 storms included heavy rain, wind and tornadoes that caused structural damage to many properties, Insurance Bureau of Canada (IBC) said in a press release Monday. And 30,000 properties were left without power for hours due to downed trees.
High wind gusts during storms on Sept. 22 damaged trees and power lines across southwestern and southcentral Ontario, leaving more than 38,000 properties without power at the storms’ peak.
The storms also brought heavy rain and extensive flash flooding.
The number of catastrophes in 2021’s third quarter was nearly double the 2008-to-2020 Q3 average, according to CatIQ’s catastrophe database.
There were eight events designated by CatIQ as catastrophes (defined as exceeding $25 million of insured loss) during Q3 2021, whereas the 2008-to-2020 Q3 average is just over four.
Feature image via iStock.com/patty_c