VANCOUVER, Oct. 6, 2015 /CNW/ – The windstorm that swept through southern British Columbia on August 29 caused over $25 million in insured damage, according to a preliminary estimate by Catastrophe Indices and Quantification Inc. (CatIQ)*.
The storm affected Metro Vancouver and surrounding areas, bringing rain and strong winds that toppled fences, trees and power lines and left hundreds of thousands without power. The storm also closed businesses and attractions, including Stanley Park and the annual Pacific National Exhibition.
“Extreme weather events, such as this one, are increasing in frequency and severity,” said Bill Adams, IBC Vice-President, Western and Pacific. “Since the late ’90s, claims payouts as a result of severe weather in British Columbia have more than doubled. The facts point to the importance of being prepared.”
Canadians, governments, businesses and the insurance industry recognize the toll that severe weather events take year after year. IBC has made adapting to severe weather a priority because it’s a phenomenon that continues to impact families and communities.
One way to be better prepared is to understand insurance coverage options, Adams explains. “Know what’s in your insurance policy and research ways to reduce your property’s vulnerability to damage. For more information, British Columbians should speak with their insurance representative or call IBC’s Consumer Information Centre at 1-844-2ask-IBC. We’re here to help.”
*Catastrophe Indices and Quantification Inc. (CatIQ) compiles and combines comprehensive insured loss amounts and related information to serve the risk management needs of the insurance and reinsurance industries.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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