August hailstorm in Calgary resulted in $2.8 billion in damage: IBC

This past August's devastating hailstorm in Calgary resulted in about $2.8 billion worth of claims, making it the second-most expensive natural disaster in Canadian history.

According to the Insurance Bureau of Canada (IBC), Catastrophe Indices and Quantification Inc. provided the original cost estimates.

According to IBC, only the wildfire in Fort McMurray in 2016 produced greater insurable damages.

"With yet another record-setting summer for insured losses due to severe weather, these losses will create claims cost pressures," the business stated.

On August 5, a hailstorm made landfall in areas of Calgary, bringing with it heavy rain, wind, and large hail.

According to officials, about one in five homes sustained damage.

According to officials, there have been over 130,000 claims related to this storm.

Alberta's extreme weather
According to IBC, five of the ten most expensive disasters that have occurred since 2016 have occurred in Alberta, making it the province most severely affected.

Home and business owners in Calgary have suffered greatly in the last few years; in 2020, a hailstorm caused $1.2 billion in damage, and in 2021, another caused $700 million.

According to IBC, the last few months have been especially bad for the remainder of Alberta.

"With the Jasper wildfire causing over $880 million in insured damage, severe weather has cost insurers over $3.6 billion in Alberta this summer alone," IBC stated.

"Canada's insurers have also been simultaneously supporting customers impacted by the July Toronto floods and flooding across Quebec."

According to IBC, from 2001 to 2010.