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Insured Price Tag for Canada s Summer Storms and Wildfires Nears C$200M
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Insured damage from White Rock Lake fire estimated at $77 million
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Insured damage from Lytton fire estimated at $78 million
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Insured damage from Lytton fire estimated at $78 million
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March Storm in Eastern Canada Cost Insurers C$50 Million May 19, 2021
A storm that moved across eastern Canada from March 26-29 brought heavy rain and strong winds, causing C$50 million (US$41.5 million) in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).
Damage reports spanned the region – from flooded basements in southern Ontario to roofs torn off homes in western Newfoundland and Labrador.
Insured damage claims caused by March 26–29 storm follow here by province:
Ontario: C$19 million
Nova Scotia: C$7 million
Newfoundland and Labrador: C$2 million
“Insured losses related to natural catastrophic events averaged C$2 billion [US$1.7 billion] per year between 2009 and 2020, compared with an average of C$422 million [US$350.3 million] per year in the 1983 to 2008 period,” commented Craig Stewart, vice-president, Federal Affairs, Insurance Bureau of Canada (IBC).