Toronto, Ontario – According to early estimates from Catastrophe Indices and Quantification Inc. (CatIQ), as referenced by the IBC, the severe storms and flash-flooding that hit parts of Southern Ontario over the summer have resulted in over $340 million in insured losses.
Of this total amount, over $80 million—or close to 25 percent—went towards replacing or repairing storm-damaged vehicles.
“Ontarians once again experienced a summer of severe storms and floods that damaged or destroyed homes, vehicles and businesses,” said Amanda Dean, interim vice-president, Ontario, Insurance Bureau of Canada (IBC).
“While much of Southern Ontario was affected, the Ottawa region was hardest hit by these summer storms, with intense flash flooding, torrential downpours and violent wind gusts. Our member insurers have been on the ground since day one and continue to work with the large number of policyholders whose property was damaged by these events,” she continued.
“Flooding and severe storms can be costly, stressful and difficult for people who have been affected,” added Dean. “As rebuilding and recovery continue, those who have been impacted can continue to work with their insurance representative. Residents who want to check that they have the coverage they need should contact their insurance representative to ensure they have the right coverage to protect their property or business from the impacts of the frequent and severe storms we are experiencing.”
Of the storms that hit Southern Ontario over the summer, some resulted in more insured losses than others. Specifically, the highest costing storms, according to CatIQ, included the Southern Ontario torrential downpours on August 3, 2023, which resulted in over $100 million in damages, and the Ottawa flash flooding on August 10, 2023, which resulted in over $110 million in damages.
With the increase in unpredictable weather patterns, CatIQ reminds to be aware of shifting weather conditions and to prepare accordingly to prevent potential damages as best as possible.
