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Storms : the 2018 winter’s costly to insurers

by

Andrea Lubeck

,

Justine Montminy

12 March 2018 13:30

Last week, the insurance Bureau of Canada (IBC), has revealed that the difficult winter conditions that are staggered from 11 to 14 January 2018 have cost 54 million dollars ($M) insurers, of which$ 33 Million in Quebec.

The BAC supports this assertion by a report from the company Catastrophe Indices and Quantification (CatIQ). High temperatures, melting snow and heavy rains have caused flooding in several areas in the region during these four days.

Fire and water damage in menu

In addition, various insurers have charged, in the Journal of insurance, under the guise of anonymity, that throughout the winter, the cold weather had caused electrical problems, so much so that fires are occurring in several places. In addition, power failures prevented pumps anti-backflow function, causing water damage, to Quebec in particular.

iA Auto and home has confirmed this state of affairs. «It is true that we found a larger number of losses related to power outages, either due to pipes freezing, or water damage related to the basins of uptake. However, we have already experienced such situations a few times in the past, » said Stéphanie Béland, a spokesman for the insurer.

At Desjardins Insurance, it is also said to have observed a rise in claims in connection with the freeze and thaw, has stressed his spokesperson Valérie Lamarre.

Figures in waiting

At La Capitale financial group, it indicates that it is not possible to draw a clear picture for the entire season. The insurer will have a better idea of the situation in mid-April, says his spokesman Jean-Pascal Lavoie.

At Intact financial Corporation, the insurer has asked the Journal of the insurance refer to the summary of its results for the fourth quarter of 2017 for this purpose. It simply indicates that the claims follow an increasing trend.

The Journal of insurance has also joined Promutuel Insurance, Aviva Canada and RSA Canada on this subject. These insurers have not responded to our requests.

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