on January 20, 2014 by admin in Insurance Industry, Comments (0)

Severe weather in 2013 caused record $3.2 billion in payouts: Insurance industry

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Ice, floods and thunderstorms made 2013 the worst year ever for insured losses in Canada.

The Insurance Bureau of Canada (IBC) says the December ice storms in southern Ontario and eastern Canada caused more than $200 million worth of insured losses, pushing the total payouts to policy holders for the year to $3.2 billion.

IBC CEO Don Forgeron (forge-er-on) says the terrible effects of the weather hit Canadians and the insurance industry hard.

The largest disaster continues to be the torrential rains and floods that soaked southern Alberta in June, causing $1.74 billion in insured damage.

Flash floods in Toronto the following month caused an estimated $940 million in damages.

Severe thunderstorms in parts of Ontario and Quebec in June and July resulted in about $250 million in insurance payouts.

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Article source: http://www.globalpost.com/dispatch/news/the-canadian-press/140120/severe-weather-2013-caused-record-32-billion-payouts-insuran

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