CTV News
There have been almost $2.8 billion in claims made because of a severe hailstorm in Calgary this past August, making it the second-costliest natural disaster in Canadian history.
The Insurance Bureau of Canada (IBC) says the initial estimates of the costs come from Catastrophe Indices and Quantification Inc.
Only the 2016 Fort McMurray wildfire resulted in higher insurable damages, IBC said.
“With yet another record-setting summer for insured losses due to severe weather, these losses will create claims cost pressures,” the company said.
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The hailstorm hit on Aug. 5, bringing significant hail, strong winds, heavy rain and causing localized flooding in parts of Calgary.
Officials say almost one in five homes suffered damage.
There have been more than 130,000 claims from this storm, officials said.
Extreme weather in Alberta
IBC says Alberta has been the hardest hit among all the provinces, with five of the last 10 costliest disasters since 2016 happening here.
Calgary home and business owners have suffered considerably in recent years, with a 2020 hailstorm causing $1.2 billion in damage while one in 2021 caused $700 million in damage.
The past few months have been particularly damaging for the rest of Alberta as well, IBC said.
“With the Jasper wildfire causing over $880 million in insured damage, severe weather has cost insurers over $3.6 billion in Alberta this summer alone,” IBC said.
“Canada’s insurers have also been simultaneously supporting customers impacted by the July Toronto floods and flooding across Quebec.”
IBC said that between 2001 and 2010, Canadian insurers averaged $701 million a year in losses related to severe weather.
