A winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday.
Posted on Canadian Underwriter | By Jason Contant
CatIQ classified the storm as “notable event,” meaning that it did not meet a catastrophe threshold of at least $25 million in property damage, but nevertheless resulted in significant losses of between $10 million and $25 million.
Insurers will not be surveyed for claim estimates since it did not meet the threshold for a cat, added Andrew McGrath, manager of media relations with the Insurance Bureau of Canada (IBC).
PCS Canada told Canadian Underwriter that it deems the losses to be a cat event for New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island and Quebec. Its preliminary loss estimate for the early January storm is expected next week
In general, winter storm losses include power outages, business interruption, spoiled food and damaged goods. Ice storms have traditionally caused significant claims, with damage from downed trees and power lines and resulting damage to homes and personal property.
Read entire article Was Atlantic winter storm 2018’s first cat event? | Canadian Underwriter