Bad weather in 2013, an expensive bill for Canadian insurers

The Insurance Bureau of Canada (IBC) has revealed that the wave of bad weather which occurred in 2013 cost Canadian insurers very dearly. The total losses due to bad weather amounted to 3.2 billion USD. Losses caused by ice storms in December in Ontario cost 200 million USD.

In July, torrential rain which flooded Toronto has caused 940 million USD in damages. The most expensive damage for the insurance industry has been caused by the floods that ravaged southern Alberta in June. Insured losses then amounted to 1.74 billion USD.