When it rains, it pours

The torrential and almost record downpour resulting from a rainstorm which struck southern Ontario over the weekend of May 12th and 13th of this year is expected to cost insurers about $68 million in insured damages, according to preliminary figures released by the Insurance Bureau of Canada (IBC).

And, almost a month later to the date of the May rainstorm, another major storm hit London, causing mostly sewerage backup damages. Although insured loss estimates arising from the London storm are still being determined, early reports peg the overall damage amount at about $5 million. Roughly the “normal amount of rainfall” experienced by London during June fell in a single day on the 11th of that month.

Although losses from the May rainstorm were wide- spread across southern Ontario, the IBC figures indicate that approximately 80% were incurred in the greater Toronto area. About 67.8mm of rain fell in downtown Toronto on May 12th, compared with normal rainfall for the month of May of 65.8mm. The drenching Toronto took on May 12th is only bettered by a record day downpour of 92.7mm recorded on May 31st of 1944.

The IBC estimates that personal insured property losses from the May storm will cost insurers about $60 million, of which roughly half of this amount relates to sewerage backup claims. A further $6 million in insured losses arose from commercial covers, based on 1,300 claims so far filed. Another 480 auto claims have been received by insurers, with losses mostly arising from vehicles flooded whilst parked under bridges. The IBC figures are based on reports received from insurers representing approximately 80% of the market.