Saskatchewan and Manitoba June storms cost insurance companies over $90 million
Published: July 23, 2018
The Insurance Bureau of Canada (IBC) released a report last week detailing the cost of a mid-June storm that hit parts of Saskatchewan and Manitoba. Taking information from Catastrophe Indices and Quantification Inc. (CatIQ), IBC says the event resulted in over $90 million in insured damage.
Weather event accumulation in the two provinces since 2017 has led to insurance losses of over a quarter of a billion dollars.
Last month, Saskatchewan received a large hail storm and strong winds. Residents reported hailstones the size of baseballs, which cause major property damage in some regions. Estevan was among the worst hit cities in the province, with property damage including broken windows. Trees were felled and vehicle damaged, which crops were also harmed by the storm.
Residents also suffered power outages caused by downed power lines.
In Manitoba, Hartney and Portage la Prarie also suffered power cuts.
“Insured losses from storms are only part of the picture. Taxpayers are also footing the bill for this damage, since many losses that are uninsured are paid through provincial disaster financial arrangements. We are witnessing more frequent, intense storms, consistent with the results of a changing climate,” said IBC Western vice-president Bill Adams.
“These losses show that urgent action is needed on adaptation as well as mitigation. There are concrete things that can be done by provinces and communities right now such as better land use planning and changes to building codes,” Adams added.