March 8, 2018 (OTTAWA) – Insurance Bureau of Canada (IBC) reports that a significant winter storm event which affected parts of Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador, resulted in more than $54 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ).
From January 11-14, 2018, a low pressure system brought high temperatures and heavy rains to much of Eastern Canada. Melting snow, ice jams, and rainfall caused flooding in several parts of the region. Nearly $33 million in insured damage was reported in Quebec and over $12 million in Ontario. The remainder occurred in the four Atlantic Provinces.
"Climate change is causing severe weather events to happen more frequently and with greater intensity, especially storms involving floods. While the insured damage from these floods is significant, the total economic cost to homeowners and government is not yet known," said Craig Stewart, Vice-President, Federal Affairs, IBC. "Because flooding can cause significant damage in a very short amount of time, it is critically important for consumers to know what their policies cover and whether they have overland flood protection. Consumers should check with their insurance representatives to see what options are available to them."
For more information on how to protect property against floods and other disasters please visit IBC's website.