Media Statement from Insurance Bureau of Canada
July 22, 2020 (EDMONTON) – Today, Celyeste Power, Vice-President, Western, Insurance Bureau of Canada (IBC), issued the following statement concerning the hailstorm recovery in Calgary, Airdrie, Rocky View County and surrounding areas:
"Our thoughts are with those that faced the devastating hailstorm that hit Calgary and surrounding communities on June 13, 2020.
This is an insurable event. Governments and insurers are treating this event with the same urgency and importance as every other insurable severe weather event in Alberta history, including the 2016 Fort McMurray wildfires. Insurers are working with impacted residents, processing over 70,000 claims and expecting to pay out over $1.2 billion – a record amount for this type of storm. We are also supporting impacted Albertans by providing translated documents in multiple languages.
- Insurers Supporting Albertans through Hailstorm Recovery (July 22, 2020)
- IBC deploys virtual Community Assistance Mobile Pavilion to assist in Southern Alberta (June 19, 2020)
With regard to future insurance premiums, the insurance industry is well capitalized for these types of events. This is what we plan for, this what we are here for. Typically, no single event will lead to an automatic increase in premiums. There are many factors that come in to play and individual circumstances can vary. The insurance industry is competitive and insurers will have different exposures during various events – it also means that consumers can shop around for the best price and coverage option available to suit their unique needs and circumstances.
Insurers will remain on the ground assisting Albertans until the work is done. If residents have insurance questions, they can also contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We are here to help."