Severe weather costs Canadian insurers $1 billion in damages in 2012

Calgary hail storm most damaging event of the year

For the third time in four years, severe weather in Canada has caused more than $1 billion in insured damage, reports the Insurance Bureau of Canada.

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

According to PCS-Canada, thousands of claims have been filed for damage to homes, cars and businesses in the wake of the severe weather events.

The wind, flooding and hail storms that battered Calgary and surrounding areas this past August was the most damaging event, causing $500 million in insured damages.

Read: Southern Ontario hardest hit by Sandy 

In October, Superstorm Sandy, where rain and winds damaged the U.S. northeast including New York and Atlantic City, hit across Ontario and Quebec and topped $100 million in damages.

In May, high winds and flooding across Ontario and Quebec caused $260 million in damages.

Read: City of Thunder Bay facing class action following flooding 

Earlier this year, IBC commissioned “Telling the Weather Story”a research paper from Dr. Gordon McBean, which looked at the impact weather could have in Canada in the future.   The report discusses severe weather as a factor in the increasing damages to personal and commercial properties that we are seeing in many parts of Canada.

“Insurers are seeing the financial impacts of severe weather first-hand. Canadians are already witnessing the impact of severe weather in terms of lost lives and injuries, families displaced from their homes, and towns that are devastated,” said IBC senior vice-president of policy and chief economist Gregor Robinson, in a press release.

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Transcontinental Media G.P.