2013 Extreme Weather events added up to Extreme Insurance Claims

2013 was certainly a year for Extreme weather events

The Insurance Bureau of Canada released their findings in January of this year on the impact severe weather in Canada in 2013 had on insurance claims. The weather was EXTREME and so were the CLAIMS as summarized in this Infographic 

Companies paid out $ 3.2 BILLION  to policyholders. That’s almost a $ 1.2 billion increase from the previous high. That makes for 5 years in a row of natural disaster losses for the insurance industry that hit the $1 billion mark.

“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,” says Don Forgeron, President and CEO, IBC.

The largest insured disaster – and Canada’s costliest natural disaster ever – was the June 2013 torrential rainfall that flooded towns in southern Alberta.  Insured damage for that storm was more than $1.74 billion. The flash flooding that hit Toronto in July resulted in $940M in damages; the most expensive insured natural disaster in Ontario’s history

And then of course, there were the December ice storms that hit southern Ontario and eastern Canada. Some $200 million in claims were made for homes damaged by trees that fell as a result of ice buildup. Ontario-based insurers also paid more than $25 million in claims for vehicles damaged in that storm

As Mr. Forgeron also points out “Canadian communities are seeing more severe weather, especially more intense rainfall. This overburdens our sewer and storm water infrastructure, resulting in more sewer backups in homes and businesses, Property and casualty insurers are collaborating with all three levels of government to help Canadians adapt to these new weather realities,” 

All of us should also adapt to these new weather realities by enhancing our level of emergency preparedness..

That’s a core mission behind LegacyTracker