By: Luke Jones, Published on September 5, 2018 04:19 PM, Last Update on September 5, 2018 01:21 PM
The Prairie provinces have faced a tough summer season, with storms causing over $200 million in insured damages so far. In a press release today, the Insurance Bureau of Canada (IBC) says the severity and frequency of storms across the Prairies is increasing and damages will likely escalate in the coming years.
“These costs are only part of the picture – Taxpayers also foot the bill for this damage through disaster financial assistance arrangements programs that pay for many uninsured losses.”
“We are witnessing more frequent, intense storms and it is urgent that provinces and communities take concrete steps – such as improving land use planning and changing building codes – to adapt to severe weather events.” – Celyeste Power, Vice-President, Western, IBC (Acting)
Alberta and Saskatchewan were hit by major storm systems during mid-July. In Alberta, hail damaged vehicles while heavy rains and strong winds damaged properties in Saskatchewan. The insured damages from this event stands at $30 million.
IBC says auto insurers are paying more in the wake of storm events because modern vehicles with new technology cost more to repair.
The industry representative body says consumers should check what their policy covers in the event of major weather events. Home insurance and auto insurance customers should ask their brokers for more information on what coverage points are included.
Storm frequency in the Prairies has increased over the last year, with more than $464 million in insured damages caused since May 2017. In its press release, IBC details the major events to have occurred in that time: