Alberta hailstorm – IBC says insurers are ‘ready to help’
Alberta hailstorm – IBC says insurers are ‘ready to help’ | Insurance Business Canada
Catastrophe & Flood
Alberta hailstorm – IBC says insurers are ‘ready to help’
It gave guidance to policyholders on the claims process
Catastrophe & Flood
By
Terry Gangcuangco
The Insurance Bureau of Canada (IBC) has offered assurances in the wake of the hailstorm that battered Calgary and other parts of Alberta this week.
IBC Western and Pacific vice president Aaron Sutherland (pictured) said: “Rest assured, insurers are here to help, and anyone whose property or vehicle was damaged is encouraged to contact their insurance representative as soon as they are ready to start the claims process.
“The priority right now is ensuring the safety of everyone who was affected by this storm. At this point in time, it is still too early to provide an accurate picture in terms of insured loss estimates for this severe weather event, but our thoughts are with all those that have been impacted.”
The IBC advised policyholders to contact their insurance representatives promptly to understand their specific coverage details.
It was pointed out that standard insurance for homes and businesses typically covers hail or wind damage, including damage from debris, falling branches, or water entering through sudden openings caused by these elements.
When it comes to auto insurance, not all policies guard against hail damage. Policyholders should verify with their insurer whether they have comprehensive or all-perils coverage.
Additionally, coverage for water damage due to sewer backup requires purchasing optional sewer backup insurance. Damage from hail or wind may be covered.
According to the IBC, Alberta has seen an increase in both the frequency and intensity of hailstorms and other natural disasters. Between 2019 and 2023, hail damage has resulted in nearly $3 billion in insured losses.
One of the most significant events was a June 2020 hailstorm in the Calgary area, which led to around 70,000 insurance claims and more than $1.3 billion in covered damage, making it Canada’s costliest hailstorm.
What do you think about this story? Share your thoughts in the comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
