Alberta floods the costliest insured natural disaster in Canadian history

June flooding caused $1.7B in insured property damage: IBC

The flooding that devastated areas of southern Alberta in June caused $1.7 billion in insured property damage, according to the latest PCS-Canada estimates. Based on these figures, the Insurance Bureau of Canada (IBC) reports that the flooding was the costliest natural disaster in Canadian history.

Read: Alberta government announces new flood mitigation policies

“It’s a staggering number that we expect will go even higher,” said Bill Adams, IBC vice-president, Western and Pacific, in a press release.  “While the monetary cost of the floods is huge, the emotional toll on Albertans is incalculable. Insurers and IBC are committed to helping Albertans through the claims process as they clean up and rebuild their lives and communities.”

PCS-Canada also reports that well in excess of 25,000 claims have been filed in the wake of the floods. PCS-Canada will update both numbers in 60 days.

Read: Insurers have mixed opinions on viability of overland flood insurance

Flooding was the result of torrential rainfall between June 20 and 24. Four people died and 100,000 people were forced from their homes. The Alberta government declared a state of emergency for a number of communities in southern Alberta.

Immediately after the flooding, some 5,000 insurance professionals deployed to focus on helping with the claims process. IBC provided residents with information about assessing damage, filing claims and resolving disputes; it also coordinated with governments at the municipal, provincial and federal levels flood response and recovery, states the release.

Read: Cities at flood prevention crossroads

The preliminary estimate of insured losses was calculated by Property Claim Services Canada (PCS-Canada), a service that tracks these losses arising from catastrophic events in Canada.

Follow us on Twitter at @CITopBroker for the latest on this story

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.