According to a new infographic published by Insurance Hotline 2013 was a record-breaking year for payouts of weather related claims. A normal year for the payout on these claims is in the one to two billion dollar range. However, findings recently released by the Insurance Bureau of Canada (IBC) put last years figure at over three billion dollars paid out to policyholders by insurance companies. Big weather storms of 2013 affected property owners in a big way.
The total damage caused by weather related factors was over a billion dollars higher than the previous high. “In 2013, the terrible effects of the new weather extremes hit Canadians hard. From the Alberta floods last summer to the ice storms in Ontario and Atlantic Canada over the holidays, frankly, bad weather hit insurers hard, too,” said Don Forgeron, President and CEO of IBC.
In February, one year ago, over 60 cm of snow fell along the east coast of Canada causing widespread power outages and the normal, albeit higher than normal, damage to property and traffic accidents. The cleanup cost in Toronto alone exceeded four million dollars. This set the stage for the Alberta floods that also broke every figure in the record books with over two billion dollars in insured losses. The actual damage exceeded six billion dollars, according to Environment Canada, who also stated it was Canada’s most costliest natural disaster to date.
On top of all this, the rain began to fall in Toronto on July 8th and when all was said and done 126 millimeters of water was dumped on the waterlogged city. The two-hour long storm dumped more water on Toronto than the city usually sees in the entire month of July. IBC estimated one billion dollars in damages over the short period – another record in both Toronto and Ontario. To top the year off in Toronto, the city literally froze up in December. The ice storm put 300,000 Toronto residences without power and the cleanup cost at over $106 million. $250 million in damages to municipalities was caused by the December ice storm.
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Company Name: Insurance Hotline
Contact Person: Benjamin Wrights