The Insurance Bureau of Canada (IBC) has issued an update regarding the extent of flood damage in Fort McMurray, saying that the total cost of the flooding was far more severe than initially estimated.
Citing updated figures from Catastrophe Indices and Quantification (CatIQ), IBC said that the April flood in Fort McMurray caused $522 million in insured damage. In June, CatIQ had estimated that insured damages for the event would be over $228 million.
According to the IBC, the increase in insured damage costs comes from updated figures on the flood’s impact on commercial property, while the remaining losses are due to affected personal property and automobiles.
IBC noted that Alberta’s “Summer of Catastrophes” also included a June 13 hailstorm that hit the areas of Calgary, Airdrie, and Rocky View County, which led to $1.2 billion in damages; flooding and wind damage in Edmonton in July; and a storm that caused hail and flash flooding on July 24. While data on the most recent storm is still unavailable, IBC projected that the three storms combined could total over $2 billion in insured damages.
“Albertans across the province have seen the devastating impacts of severe weather events this summer,” said IBC Western vice-president Celyeste Power. “The insurance industry is here to help its customers recover and rebuild from these catastrophes.”
