With this weekend marking the 50th anniversary Hurricane Hazel, one industry group is using the occasion to promote disaster preparedness. The Institute for Catastrophic Loss Reduction (ICLR) says with this anniversary, and in light of the recent hurricanes wreaking havoc in the U.S., now is the perfect time for everyone to consider their own level of preparedness for such disasters.Hurricane Hazel lashed the Toronto area October 15-16, 1954, causing widespread flooding and resulting in almost 90 deaths. More than 7 inches of rain fell in a less-than-24-hour period, with the Humber River rising to 30-foot levels and all bridges in the Toronto west region being washed out. A study sponsored by the ICLR found that if Hurricane Hazel were to happen today, even with current flood planning, it would cost insurers over $400 million in sewer back-up claims.And the recent storms in the U.S. point to the rising cost of such disasters. “The trends in disaster losses over the past few decades are alarming and not sustainable,” says ICLR executive director Paul Kovacs. “Homeowners and businesses must take steps to protect themselves and mitigate against the possibility of loss of life and property. Sometimes, it takes a tragic and meaningful occasion such as the anniversary of Hurricane Hazel to stir action.” He points to how preventable many disaster losses are if people take action. Some steps the ICLR advocates, include: covering windows with protective film; replacing gravel landscaping with shredded bark; trimming trees and shrubs and removing weak branches; securing patio furniture and BBQs; cleaning roof gutters; and removing vulnerable property from basement floors.
Why Calgary’s hailstorm could send more Alberta auto insurers to the exits
Calgary’s record-setting hailstorm in August may send more of the province’s auto insurers heading for the exits, Insurance Bureau of Canada warned Thursday. “The Calgary hailstorm will add $900 million in unexpected claims cost pressures at a time when Alberta’s auto insurance system is in crisis due to the province’s rate cap,” Aaron Sutherland, IBC’s […]
By David Gambrill | September 19, 2024
3 min read