Despite numerous weather events, Canada’s summer has been kind to insurers
Published: September 19, 2018
It has been a summer full of torrential weather across Canada. However, while Ontario and the Prairies have been hit by severe thunderstorms, strong wind, and hail events, while British Columbia suffered its second consecutive record wildfire season. Despite all these events, summer has not been as bade as others in terms of insurance losses.
Specifically in the Prairies, the Insurance Bureau of Canada (IBC) says insured damage in the Prairies have reached $200 million. Speaking to Insurance Business, the IBC says its has been a relatively stable in terms of losses.
“In Alberta, storm activity has not been as severe as in the past few years. Although there have been wind, hail and rain events this summer (some of them severe), the frequency of such events this year seems to be less in 2018 than in past years,” said Paul VanderHooft, manager of commercial lines for Westland Insurance and president of the Insurance Brokers Association of Alberta board.
“Claims are not pouring in the way they have in summers past and this would provide anecdotal evidence of a reprieve from previous summers.”
While the summer has been manageable for insurers, Canada’s insurance bill for year-so-far is over $1.4 billion. Storm events in Alberta and Saskatchewan during July and August caused more than $240 million in insured damages. IBC notes insurers have paid out claims for homes, vehicles, and businesses.
Ontario has had a busy year of cat events and major weather systems, with insurers picking up a bill for nearly $1 billion in insured damage with three months of 2018 to come.