December 6, 2010 by Canadian Underwriter
Damage estimates related to severe weather events and one earthquake in Canada likely topped $700 million in 2010, extrapolating from information contained in Aon Benfield’s November 2010 Monthly Cat Recap report.
The report lists damage estimates, both insured and uninsured, related to 10 specific severe storm events and one earthquake in Canada in 2010.
When known damage estimates for the above events are added together, all of these events caused at least $700 million in damages.
However, the total is likely much higher, and may have even approached $1 billion.
For example, for four events contained in the Aon Benfield report, including Hurricane Igor’s landfall in Newfoundland as well as Hurricane Earl’s impact on Nova Scotia, the report says simply that damage estimates are “unknown.” These estimates are not included in the $700-million figure cited above.
Aon Benfield estimated the Magnitude 5.0-earthquake that hit near Ottawa and Quebec in June caused more than $16.3 million in damages. The shaking could be felt as far as Toronto, and damaged or results in “hundreds-plus” claims, the report notes.
Aon Benfield reported damages of more than $472 million related to the Calgary hailstorm on July 12-13, 2010.
Other notable damage estimates contained in the Aon report include:
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