August hailstorm units new document for insured damages

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The storms that shredded siding, battered rooftops and dented automobiles throughout north Calgary resulted in almost $2.8 billion in insured losses, says the Insurance coverage Bureau of Canada

Revealed Sep 11, 2024 • Final up to date 15 minutes in the past • 1 minute learn

After being hit by a large hail storm on Aug. 5, 2024, the group of Redstone received hit two days later with heavy rain, flooding streets. Darren Makowichuk/Postmedia file

The Aug. 5 hail storm that battered communities in north Calgary set a brand new document for insured losses brought on by hail, producing 130,000 claims totaling almost $3 billion, in response to the Insurance coverage Bureau of Canada (IBC),

The IBC stated Wednesday the tremendous cell storms that shredded siding, battered rooftops and dented automobiles throughout north Calgary resulted in almost $2.8 billion in insured losses, primarily based on preliminary estimates from Disaster Indices and Quantification Inc. (CatIQ).

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It marks the second-costliest insurance coverage occasion in Canada’s historical past, following the 2016 Fort McMurray wildfire.

“With one more record-setting summer season for insured losses as a result of extreme climate, these losses will place strain on insurance coverage premiums transferring ahead,” the IBC said in a information launch.

Aaron Sutherland, IBC’s vice-president for Western and Pacific areas, stated catastrophic climate hit Alberta notably exhausting this 12 months, calling the latest hailstorm’s affect on Calgary residents “unprecedented.”

“Alberta’s insurers have been on the bottom aiding clients with wanted repairs and monetary assist, and dealing to course of over 130,000 claims from the hailstorm,” he stated. “Rebuilding will take time and our trade will proceed to be there to assist impacted communities each step of the way in which.”

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