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ING Canada estimates Alberta storm damages

Gloria Gonzalez

July 11, 2005 Reprints

Catastrophes P/C Insurers Canada More + Less -

TORONTOING Canada Inc. estimates it will incur gross claims expenses of between $75 million and $100 million from several tornadoes and hailstorms that hit the province of Alberta last month.

The pretax cost for the Toronto-based company, the largest property/casualty insurer in Canada, will be between $40 million and $50 million net of reinsurance recoveries.

The company said it assigned 80 insurance specialists to its emergency response team to deal with the aftermath of the storms.

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ING Canada estimates Alberta storm damages

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