The three-week post-event estimate of insured losses which occurred when severe storms swept the Greater Toronto Area and southern Ontario at the start of September has come in at $563 million, according to an initial report from Catastrophe Indices and Quantification Inc. (CatIQ)
“The storms brought intense rainfall, flash flooding, high winds and damaging hail that impacted tens of thousands of residents,” the Insurance Bureau of Canada (IBC) writes in its announcement about the initial estimate of insured losses. “In addition to flood damage, wind and hail damage was extensive.”
CatIQ similarly describes the scene in its own report, saying “several days of hot and humid conditions over the region ended abruptly as a late-season severe storm outbreak swept through southern Ontario on September 2 and 3. Very large hail, damaging wind gusts and torrential rain blasted the region from Windsor to Ottawa, resulting in multiple confirmed tornadoes and downbursts. Toronto was among the hardest-hit locations,” they write, adding that hail reached the size of ping pong balls in some locations, while wind gusts buckled the side of a large stadium complex. “Flash flooding closed major roadways and left motorists stranded and in need of rescue.”
The CatIQ report says the $563 million figure covers both property and vehicle claims, including additional loss adjustment expenses. They note that it is generally rare to see storms of such intensity, particularly those featuring large hail, make a direct hit on Toronto.
“Governments must move faster to strengthen the infrastructure that protects communities, invest in measures that prevent losses before they happen and give Canadians the information they need to understand their flood risk,” Amanda Dean, vice president, Ontario and Atlantic with the IBC said in a statement following the release of CatIQ’s figures. “These actions are essential to protecting homes and businesses, limiting future losses and reducing long-term insurance costs.”
