Canada Day flood losses in Manitoba, Saskatchewan now pegged at more than $140 million

Insured losses from flooding in Manitoba and Saskatchewan over the Canada Day weekend this year are now estimated at more than $140 million, Catastrophe Indices and Quantification Inc. (CatIQ) said Thursday.

The estimate for the flooding that occurred June 28 to 30 includes loss adjustment expenses and came from a recent 45-day re-survey of the majority of insurers affected by the event.

CatIQ has now pegged the flooding as the second largest catastrophe event to occur in Canada so far in 2014, behind the hailstorms in Alberta in early August.

“Over the Canada Day Long Weekend, a large low pressure system moved through the Prairies,” Carolyn Rennie, CatIQ’s in-house meteorologist and director of catastrophic loss analysis explained in a statement.

“The stationary system brought strong winds and heavy rains to areas of southeastern Saskatchewan and southwestern Manitoba for the entire weekend. The heavy rains, up to 230 mm in some areas, caused widespread flooding. Rivers and creeks overflowed which impacted areas from Regina to Winnipeg. The hardest hit areas were on the Saskatchewan /Manitoba border.”

CatIQ said it would continue to monitor developments from| the event.