Reinsurance News

Eastern Canada storm causes estimated $152mn insured loss: CatIQ

14th January 2022 - Author: Katie Baker

The storm which hit Eastern Canada in December has caused an estimated CAD 152 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ).

CatIQOntario and Quebec were hit by strong winds, with heavy rain and wind being pushed to parts of the country’s Atlantic provinces.

The damage associated with the storm spanned the region, including reports of flooding and downed trees that caused power outages.

Craig Stewart, Vice-President, Federal Affairs, Insurance Bureau of Canada (IBC) commented: “Insured losses related to natural catastrophic events averaged $2 billion per year between 2009 and 2020, compared with an average of $422 million per year in the 1983 to 2008 period.

“The time to act is now. Canada needs to adapt to the reality of severe weather to better protect Canadians from coast to coast to coast.”

CatIQ also reported that Canadian insured losses from catastrophic events in 2021 amounted to CAD 2.04 billion.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Q4 cats thought to have triggered Travelers agg reinsurance recoveries

Analysts are anticipating that Travelers will have made further recoveries under its catastrophe aggregate reinsurance program during the fourth quarter...