Toronto, Ontario — According to the Insurance Bureau of Canada, the flash flooding that took place in Toronto and other parts of Southern Ontario between July 15 and 16, 2024 is estimated to have caused over $940 million in insured damages.
During the torrential rain storm that caused the flash flooding in these areas, almost 100 millimetres fell in some areas, surpassing Toronto’s rainfall record originally set in 1941.
The storm saw vehicles trapped on flooded highways, with more than 50 vehicles left stranded on the Don Valley Parkway.
These initial estimates regarding insured damages from the storm come from Catastrophe Indices and Quantification Inc. (CatIQ) and note that extreme summer weather has placed immense pressure on insurance adjuster resources.
“The insurance industry has long warned that severe weather events are becoming more frequent and intense. This summer is, unfortunately, proving that statement is correct,” said Amanda Dean, Vice-President, of Ontario and Atlantic, IBC.
Craig Stewart, Vice President, of Climate Change and Federal Issues, IBC further commented that “with several large natural disasters in one month, including another round of torrential downpours in the Greater Toronto Area, coupled with skilled labour shortages and supply chain issues, we are urging affected customers to be patient. Rebuilding will take time.”
“IBC and its members are calling on governments to improve disaster preparedness and recovery across the province,” Stewart further noted.
As reported by the IBC earlier this year, severe weather in 2023 caused over $3.1 billion in insured damages across Canada. Moreover, insured losses related to severe weather in Canada now routinely exceed $2 billion annually. By comparison, between 2001 and 2010, Canadian insurers averaged $675 million a year in losses related to severe weather.
To see the IBC’s initial statement, click here.
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