Insurance news from Canada shows $100 million in claims from Sandy

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Canada Insurance NewsAfter the superstorm pummeled through the United States, it smashed into Canadian provinces.

According to the most recent insurance news estimates from Canada, after leaving the United States, superstorm Sandy led to insured property damage that will total approximately $100 million.

These statistics were issued from the Insurance Bureau of Canada (IBC) based on claims received.

The IBC has based this data on the claims that are being made in the Canadian provinces of Ontario and Quebec. The estimate is still considered to be preliminary, but it has now been released by Property Claim Services (PCS) Canada. That service is responsible for tracking the insured losses that occur as the result of various natural disasters and other catastrophic events that occur within the country.

PCS-Canada made an insurance news statement saying that thousands of claims have already been filed.

This insurance news includes claims to insurers for damage caused by the storm to homes, businesses, and vehicles, after it stomped its way through Ontario and then Quebec from October 29 through October 31. In those provinces, two people were killed and an additional 150,000 were left without power. Statistics on injuries have not been released at this time.

Though the neighbor to the south experienced the brunt of the power from the storm, the winds faced by affected Canadians had still reached over 60 miles per hour, which downed both trees and power lines, as well as damaging businesses and homes by tearing shingles from their roofs, sending trees and their branches down against buildings and cars, and bringing flooding from backed up sewers due to the heavy rains. There were many flooded residential basements that resulted from that storm.

The insurance news released by the IBC is based on data regarding insurers for private homes, vehicles, and businesses.

In the United States, insurance news estimates have suggested that the total damage could be as great as $50 billion, all caused even before the storm first made contact with Canada. This has made it the second most destructive wind storm in the history of the U.S., following only Katrina from 2005.

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