August 5, 2004 by Canadian Underwriter
Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC).
Patterson says with the major writers having reported thus far, 4,371 claims have been logged for estimated insured losses of $70.83 million. But this number will rise, she explains. While most people suffering water damage from the floods which took place in mid-July will have reported their claims, she says insurers will be adjusting the amounts actually paid out on those claims, and the numbers will only grow. In fact, just last week the claims figure was nearer the $50 million mark.
The majority of claims are for personal property sewer back-up, with 3,912 claims estimated to cost insurers $61.6 million. There have been fewer auto claims filed thus far, Patterson notes, with 263 claims estimated to cost $1.1 million. The remainder, 181 claims worth $8.1 million, are for commercial property water damage claims.
Storms hit the area on Thursday, July 15, with rainfall accumulations as high as 230 mm in some spots. The Ontario provincial government declared a state of emergency and has already contributing some funding for clean-up, while private business including several insurers have donated to the relief efforts.