Alberta hailstorm pegged at $450 million in damage

The severe hailstorm that hit Airdrie, Alberta August 7 caused an estimated $450 million in insured damage, according to Insurance Bureau of Canada (IBC) and Property Claim Services (PCS).

The intense storm hit Airdrie and surrounding areas, including Rocky Mountain House and Red Deer, with heavy rains and large hail.

“While the frequency and severity of weather events have been rising across the country, Alberta has been hardest hit,” said Bill Adams, vice-president, Western and Pacific, IBC. “What’s more is that we are not out of the woods yet, Alberta hail season traditionally runs through the end of September.”

This recent storm brings insurance payments from natural catastrophes to $4 billion in Alberta since 2011.

Canada’s largest p&c insurer Intact Financial said it estimates a pre-tax financial impact of $100 million to $120 million from catastrophe events in July and August. The Airdrie storm was the most significant event to date this summer, accounting for approximately 70% of the damages from the catastrophe events, noted a statement from Intact Financial issued in September.