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Where Calgary’s $1.2-billion hailstorm ranks among Canada’s largest insured disasters


July 8, 2020   by David Gambrill


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The June 13 Alberta storm that hit Calgary, Airdrie, Rocky View County is now officially the worst hailstorm in Canadian history, causing almost $1.2 billion in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ).

And on the all-time list of Top 10 disasters, “this event was the fourth-most-expensive insured natural disaster in Canadian history,” said Celyeste Power, vice president of Insurance Bureau of Canada (IBC)’s western division. “Our thoughts are with those affected by this devastating storm, and we are here to help Albertans fix their homes, cars and businesses. Insurers will be on the ground assisting until the work is done.”

Hail pellets the size of tennis balls at times smashed through the windows of parked cars, and rain from the storm caused flooding in many homes. The majority of the insured damage is to personal property and vehicles, with a smaller percentage of damages to commercial property, IBC reported Wednesday.

Damage caused by hail and wind is typically covered by home, commercial and comprehensive auto insurance policies. In addition to the $1.2 billion in insured damages, the Government of Alberta announced financial support for residents who experienced overland flooding as this type of insurance can be less available in flood prone areas.

“Albertans know too well the stress, turmoil and financial hardships that severe weather events can cause,” Power said in a statement released by IBC. “Of the 10 most costly disasters in Canada, six of these have hit Alberta. Fortunately, Albertans are resilient and continue to come together in difficult times like these.”

The most expensive insured natural catastrophe on record is the 2016 Fort McMurray wildfire, which cost almost $4 billion. The next-highest loss was in 2013, when flooding in southern Alberta and Calgary caused $3.5 billion in insured damage. The 1998 Quebec Ice Storm places third, with more than $2.2 billion in insured damage.

 

The amount of insured damage is an estimate provided by CatIQ (www.catiq.com) under licence to IBC.


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1 Comment » for Where Calgary’s $1.2-billion hailstorm ranks among Canada’s largest insured disasters
  1. Incredibly remarkable…

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