B.C. wildfires produce loss of US$78 million in July: Aon Benfield | Canadian Insurance

B.C. wildfires produce loss of US$78 million in July: Aon Benfield

Extreme weather in Alberta also led to significant economic costs

Wildfires due to extreme heat were the most prevalent natural disaster in Canada last month, resulting in more than US$78 million in loss.

The data comes from the monthly global catastrophe recap report published by Aon Benfield, the global reinsurance intermediary.  In Canada, the report says B.C.’s wildfires accounted for more than US$78 million in losses between July 1 and Aug. 1, while extreme weather events in other regions caused more than US$50 million in loss. Specifically, the report states that, at one point, 240 wildfires burned in British Columbia in July, which resulted in 14,000 evacuees.

Related: B.C. wildfires – What brokers need to know

“Among the worst affected areas was between the village of Cache Creek and the community of Ashcroft where five homes, 30 trailer park homes… and two airport hangars were destroyed. The British Columbia government announced that it had allocated C$100 million (US$78 million) to help areas re-build,” the report says.

Outside of the wildfires, severe weather events that caused US$50 million in damage included thunderstorms in Alberta on July 23, during which ”tennis ball-sized hail fell accompanied by strong winds and heavy rain. Hail caused extensive damage to vehicles, houses, crops, and other property while high winds downed multiple trees and power poles, tore shingles from roofs and toppled grain bins. Localized flooding was also reported around Red Deer,” states the study.

Related: Conserving wetlands could save millions in flood damage, U. of Waterloo

Elsewhere in the globe, severe flooding in Asia resulted in many deaths, most of which occurred in China. From mid-June to the end of July, it’s estimated that the continent incurred US$10 billion in economic loss due to the floods. A separate flood in Japan due to Tropical Storm Nanmadol resulted in a loss of US$1 billion.