Flooding in Toronto and southern Ontario last month resulted in more than $940 million worth of insured damage, the Insurance Bureau of Canada (IBC) announced Monday.
The claims stem from the extreme weather seen in the area on July 15 and 16, during which nearly 100 millimetres of rain fell in Toronto in a matter of hours on the latter date.
"The insurance industry has long warned that severe weather events are becoming more frequent and intense. This summer is, unfortunately, proving that statement is correct," Amanda Dean, vice-president, Ontario and Atlantic, at the IBC, said in a statement.
July’s torrential downpour was quickly compared to Toronto’s 2013 storm, which was listed as one of the most expensive natural disasters in Canada, according to insurance payouts. IBC data from that weather event showed that claims filed in its aftermath reached $1 billion.
An IBC spokesperson told CTV News Toronto last month that while the two events were “similar,” it was too early to put a dollar figure on the damage left in the wake of the July 16 storm.
Monday’s announcement comes on the heels of more record-breaking rainfall in the city this weekend. According to Environment Canada, 128.3 mm of rain was recorded at Pearson International Airport on Saturday, making it the wettest Aug. 17 on record.
Flooding was reported across the Greater Toronto Area on both Saturday and Sunday, prompting rescues of several motorists who became stranded in their vehicles as the water rose.
The IBC said it is in the early stages of responding to those claims, but said insurance adjusters are under “immense pressure” to process them.
“IBC is working with governments and regulators across the country to address adjuster capacity across Canada. Adjuster access is critical following natural catastrophes, as they ensure the industry can support consumers as quickly as possible,” the IBC said, noting it is depending on the federal government to follow through with its National Flood Insurance Program, which is set to launch in 2025.
The initial estimates IBC released on Monday were generated by Catastrophe Indices and Quantification Inc.