Insurance Business Newfoundland has millions in insured damages following March windstorm

Newfoundland has millions in insured damages following March windstorm The Insurance Bureau of Canada (IBC) announced yesterday that the windstorm that hit eastern Newfoundland on March 11 resulted in millions in insured damage.

Citing data from Catastrophe Indices and Quantification Inc. (CatIQ), the total amount of insured loss from the event came in at nearly $45 million.

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It was a low pressure system that brought the severe weather event to the region. Gusts of over 180 km/hr caused wind-related damage to both residential and commercial properties across the affected area. Power lines were also downed, and over 70,000 consumers were without power immediately following the disaster.

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“Windstorms can be a devastating force of nature. They can cause significant damage in a very short amount of time,” IBC Atlantic vice-president Amanda Dean said in a statement. “It is important that consumers take precautions and secure their property in an effort to minimize potential damage.  Consumers should also understand their insurance policies and know what’s covered before storms like these, or other catastrophes strike.”

Dean also told CBC that while one catastrophic event does not necessarily affect insurance rates, the rate at which they occur has noticeably increased.

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