Alberta Floods Officially Most Expensive Natural Disaster In Canada

By: Daniel Rattanamahattana on September 23, 2013

It's official – the Alberta floods caused the most extensive insured property damage due to a natural disaster in Canadian history.  The IBC, the largest association of property and casualty insurance in Canada, confirmed the cost of the damages exceeds the Quebec ice storm in 1998, and predicts the recovery will continue to grow more expensive.

Bill Adams, Vice President of IBC’s Western operations, verified that the recovery costs exceed $1.7 billion, and continue to rise with each passing day.

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.

Southern Alberta was subjected to torrential rain beginning on June 20 that flooded the lower plains of the province.  Over the next four days, four people tragically died due to the floods, and over 100,000 families were forced to evacuate their homes.

Over the last three months, thousands of homeowners filed home and car insurance claims to redeem some of their losses from the storm.  IBC was quickly onsite to assist in the processing of the applications, and worked closely with over 5,000 insurers to expedite the process as quickly as possible.

Adams says the insured losses analysis was completed by Property Claim Services Canada, which investigates disasters across the country to determine the true cost of a catastrophe.  PCS-Canada will continue to analyze the aftermath of the floods, and will publicly release another report by the end of November.

In the meantime, Adams encourages Albertans to continue asking questions about coverage by contacting their insurers directly, or speaking with an IBC customer service representative.