Ontario’s May wind storm created $380M in damage: Insurance Bureau of Canada

A ferocious spring wind storm that brought gusts of over 100 km/h to parts of southern Ontario caused $380 million in property damage, according to a group that represents insurance companies.

On May 4, high winds toppled trees, knocked out power for hundreds of thousands and briefly grounded flights at Toronto Pearson International Airport. Three deaths were connected to the storm.

The Insurance Bureau of Canada said on Friday that, according to the latest Catastrophe Indices and Quantification report, it was the most expensive event for Ontario’s insurers since the 2013 floods in Toronto, when they paid out nearly a billion dollars in claims.

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Other extreme weather events in Ontario have caused an additional $316 million in property damage this year, the group said.

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Patio furniture tossed from Toronto condo during wind storm

“Insured losses from extreme weather storms have been increasing rapidly,” Kim Donaldson, Ontario vice-president for the Insurance Bureau of Canada, stated in a media release on Friday.

However, this is only part of the picture. Taxpayers are bearing the brunt of the costs that are not covered by insurance.  Consumers are witnessing more frequent, intense storms, which we now know are attributable to climate change. The cost of climate change is real.”

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