September 30, 2013
Alberta flood is the most costly in Canadian history
The Insurance Bureau of Canada (IBC) reports that the insured property damage caused by last June's southern Alberta floods is estimated to be more than $1.7 billion, which is the costliest natural disaster in Canadian history.
“It’s a staggering number that we expect will go even higher,” said Bill Adams, IBC vice-president, Western and Pacific.
“While the monetary cost of the floods is huge, the emotional toll on Albertans is incalculable. Insurers and IBC are committed to helping Albertans through the claims process as they clean up and rebuild their lives and communities.”
The preliminary estimate of insured losses was released by the ICS on Sept. 23 and calculated by Property Claim Services Canada (PCS-Canada), which tracks these losses arising from catastrophic events in Canada.
PCS-Canada reports that more than 25,000 claims have been filed in the wake of the floods.
Immediately after the flooding, about 5,000 insurance professionals were deployed to focus on helping with the claims process.
IBC provided residents with information about assessing damage, filing claims and resolving disputes. It also coordinated flood response and recovery with governments at the municipal, provincial and federal levels.
The predominant construction method of single family homes in the region is wood frame. As a result, homes with basements were particularly at risk for contents damage.
Apartment buildings and commercial buildings in the region are constructed with masonry and reinforced concrete. In contrast to single family homes, these buildings typically are built to stricter standards and may exhibit flood defenses.
IBC is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent approximately 90 per cent of the private property and casualty insurance market in Canada.
PCS-Canada investigates reported disasters and determines the extent and type of damage, dates of occurrence, and geographic areas affected.
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