Calgary hailstorm causes estimated $2.8bn insured damage

Catastrophe Indices and Quantification estimates that a hailstorm in Calgary on 5 August caused nearly $2.8bn in insured damage and is the second-costliest loss event in Canada’s history, behind the 2016 Fort McMurray wildfire.

The Toronto-based subsidiary of Zurich Perils said the storm’s heavy rains caused localised floods and its strong winds caused damage to almost one in five Calgary homes.

Damage to autos and homes resulted in at least 130,000 insurance claims, according to the Insurance Bureau of Canada (IBC).

Five of the top ten costliest disasters in Canadian history have occurred in Alberta, resulting in significant increases in insurance premiums for auto, business and home insurance.

Hailstorms in Calgary in 2020 and 2021 resulted in around $1.2bn and $700m in insured damage.

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