The Insurance Bureau of Canada says early July flooding in Ontario caused more than $850 million in insured property damage and the total is expected to rise.
A storm July 8-9, which dumped a record amount of rain in Toronto shut down subways, knocked out power to 300,000 residents and crippled air travel, set a record for insured losses in Ontario from a single event. Flights at Toronto Pearson International and Toronto Island airports were significantly delayed or canceled.
“While these preliminary estimates are staggering, we do expect them to go even higher,” says Ralph Palumbo, IBC vice president for Ontario.
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