Toronto, Ontario – Catastrophe Indices and Quantification Inc. revealed that the storm of Nov. 15 that swept through southern and central Ontario caused $87 million in insured property damage, according to a report licenced by the Insurance Bureau of Canada (IBC) and released on Monday.
That blustery Sunday night saw wind gusts exceed 100 km/h and heavy localized rainfall which in turn led to significant lakeside flooding. As well, a tornado was reported north of Georgetown that clocked a wind speed of 135 km/h.
More than 540,000 Ontarians lost power during the storm, with about 50,000 reporting that they remained in the dark until Nov. 17.
“We continue to see the devastating consequences of severe weather events which are happening more frequently and with greater intensity,” said Kim Donaldson, vice-president of IBC’s Ontario division.
“In particular, storms with severe winds that cause flooding are becoming more common. While IBC is able to report on the insured damage from these storms, which is significant, the total economic cost to all stakeholders and governments, and the personal loss to homeowners, is even greater.”
Donaldson continued, seeming to allude that the onus is on property owners to ensure that they have precautions in place in case of another severe weather event like this in the future.
“It is important that property owners take precautions to minimize potential damage and protect their properties. They should also understand their insurance policies and know whether they have overland flood coverage,” said Donaldson in Monday’s press release.
