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Member, Beacon International Group, Ltd.
TORONTOCanadian insurers have raised their estimate of insured losses caused by a series of thunderstorms and tornadoes in Ontario on Aug. 19 to more than $400 million Canadian ($336.7 million), making it the highest insured loss in the history of the province.
More than 15,000 claims have been filed related to the Aug. 19 storms, according to the Insurance Bureau of Canada, the national trade association of nongovernment property and casualty insurers in Canada. The storms hit a large area in southern Ontario, including Toronto and the Kitchener-Waterloo region, the IBC said.
"The impact was nowhere near the devastation suffered by the victims of Hurricane Katrina, of course, but there are a lot of residents and business owners out there still trying to cope with substantial losses," said Mark Yakabuski, vp-federal affairs and Ontario for the IBC.