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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.

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