CALGARY – Property damage caused by flooding in southern Alberta this year is now estimated to be over $1.7 billion, according to the Insurance Bureau of Canada.
The association says they are still dealing with claims, and expect that number to go even higher.
They released their preliminary estimate of insured losses on Monday, saying over 25,000 claims have been filed in the wake of June flooding which forced thousands of people from their homes.
The numbers were calculated by Property Claim Services Canada.
The Insurance Bureau of Canada says the devastating flooding is costliest natural disaster in Canadian history.
“It used to be that the largest threat to a person’s home was fire,” says Bill Adams, Insurance Bureau of Canada Vice-President, Western and Pacific. “That’s long since been surpassed by water-related issues, largely the result of Mother Nature.”
It will have an update on property damage estimates in 60 days.