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Ontario summer storm insured damages estimated at $340M: IBC
The Insurance Bureau of Canada (IBC) says the severe storms and flash flooding experienced in Ontario over the summer have resulted in more than $340 million in insured losses.
The estimate from Catastrophe Indices and Quantification Inc. found that almost a quarter of the losses went towards repairing or replacing vehicles damaged in the storms.
The cost of uninsured damages would raise this number even further, though there have not been any official estimates reported beyond those that were insured.
The IBC says that the frequency and severity of severe storms and flooding is increasing each year and that the Ottawa region was hit hardest this summer.
According to the IBC five storms were classified as catastrophes, meaning damages caused were estimated to be over $30 million in insured damages.
The storms experienced in the province through July and August included hailstones, flooding and tornadoes.
