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The Canadian winter burdens the insurers

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Magazine Issue: 
FANAF, an exemplary organization [3]
Magazine date: 
Mar 2019

hiver canadienAccording to the Insurance Bureau of Canada (IBC), the damages caused by the events in early 2019, have cost the insurers 87 million CAD (64 million USD).

Two major thunderstorms have caused the losses:

  • The first struck in January devastating eastern Canada notably Quebec, New Brunswick, Nova Scotia and Prince Edward Island. This storm has caused losses that reached 39 million CAD (29 million USD) of insured losses.
  • The second hit Ontario on the 24th and 25th of February causing 48 million CAD (35 million USD) of insured losses. The poor weather conditions in addition to the road conditions have also lead to multiple accidents.

Regarding the situation, the IBC calls on the government to improve the country’s road conditions and alleviate the impact of the extreme meteorogical events.

For the record, the IBC covers the insured damages only when they reach a ceiling of 25 million CAD (18 million USD).

Read also | Deadline for Fort McMurray insurance claims extended [4]

Mon, 01/04/2019 - 11:33

Source URL: https://www.atlas-mag.net/en/article/the-canadian-winter-burdens-the-insurers

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