The Insurance Bureau of Canada (IBC) is reporting that storms in Alberta and the Prairies this year have caused more than $300-million in insured losses, according to initial estimates.
“Of the more than $300-million in insured losses, over $90-million – or 30 per cent – went toward replacing or repairing storm-damaged vehicles in Alberta. Since 2020, insured losses to vehicles in Alberta from severe weather exceeds $500-million,” the IBC writes.
“The frequency and severity of extreme weather events continues to put pressure on insurance premiums across the country. The increasing insured losses from these events are particularly straining Alberta’s auto insurance market, given the provincial rate pause.”
According to the IBC and Catastrophe Indices and Quantification Inc. (CatIQ), this is the third summer in which Alberta has seen significant insured damage from hail, wind and rain. The $300-million total does not include insured losses from ongoing wildfires.
The organizations count four catastrophic storms occurring during the year – these are defined as severe weather events with insured damage estimates that total more than $30-million.
“IBC reminds consumers that damage caused by wind and rain is covered by standard home, commercial property and comprehensive auto insurance policies,” they add in their September 19 statement. “It’s important that consumers work with their insurance representatives to ensure they have the right coverage to protect their property or business from the impacts of these storms.”