The June floods in Alberta are not only causing record level costs, but also spikes in premiums. Now that the flooding in Alberta has been labeled as the most costly natural disaster that Canada has ever faced, it has become clear that this massive expense will be reflected in future homeowners insurance rates. The damage is estimated to have reached $1.7 billion, so far, and claims continue to pour in. Regardless of whether or not they live in a flood zone, many property owners have already seen their homeowners insurance…
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Flash floods in Canada put pressure on insurance industry
Insurance industry sees spat of floods in Canada Toronto, Canada’s largest city and the provincial capital of Ontario, has fallen victim to devastating flash floods that could have a prominent impact on the insurance industry. Catastrophe modeling firm AIR Worldwide has released a new report concerning the flash floods and the impact that have had on the city. The report notes that in a matter of hours, powerful storms produced more than 4 inches of rainfall on July 8th, leading to unexpected flooding in many parts of the city. Flood…
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