The Insurance Bureau of Canada says severe storms and flash floods in Ontario this summer caused more than $340 million in insured losses, according to initial estimates. A crushed vehicle from a fallen tree from the aftermath of a possible tornado is shown in Tweed, Ont., on Monday, July 25, 2022. THE CANADIAN PRESS/Lars Hagberg
TORONTO – The Insurance Bureau of Canada says severe storms and flash floods in Ontario this summer caused more than $340 million in insured losses, according to initial estimates.
The estimate from Catastrophe Indices and Quantification Inc. found that almost a quarter of these losses went toward repairing or replacing storm-damaged vehicles.
IBC says the Ottawa region was hit hardest by the summer storms.
It says that the frequency and severity of flooding and severe storms in Ontario and across Canada is increasing each year.
IBC says five storms in total were designated as catastrophes, meaning they’re estimated to have caused more than $30 million in insured damages.
The effects of these storms in July and August included hailstones, flooding and tornadoes.
This report by The Canadian Press was first published Oct. 16, 2023.
