The July 8 flooding that resulted from a severe thunderstorm in the Greater Toronto Area was the most expensive natural disaster in Ontario history, the Insurance Bureau of Canada says.
In a report today, it issued a preliminary estimate of insured property damage, pegging it at more than $850 million, but that number could rise as more claims are processed.
The storm dumped 126 millimetres of rain on Toronto in a two-hour period, flooding basements, downing trees and halting both subway and airline service. The downpour was more than the amount of precipitation Toronto would get in an average July.
The resulting power outages affected at least 300,000 Toronto residents, and about 1,400 passengers were stranded for hours on a commuter train filled with water.
An official with IBC in Ontario said the industry is moving forward quickly with claims and is generally well prepared for such an event.
But he said the preliminary estimate may be low-balling the damage caused July 8.
IBC does not yet have a preliminary estimate of insured damages for Alberta’s July flooding, it said in the same report.
Previously, the most severe weather events in Ontario were an Aug 19, 2005 wind and rain storm that did $671 million of damage, and a July 24-29, 2009 storm that did $228 million of damage.
