Insurance premiums through flood waters in B.C. could approach $500M

Flood waters in British Columbia are beginning to recede, but not before they caused at least $450 million in damage.

The Insurance Bureau of Canada released its latest estimate Monday. It estimated the total insurance losses would be about $450 million, based on preliminary estimates from insurers and government agencies.

British Columbia saw widespread flooding and mudslides that began June 20, sweeping away homes and business and leaving thousands without power for days.

“The impacts of the extreme rainfall event are still being assessed, but what we can say is this has been one of the costliest natural disasters in B.C.’s history,” B.C. Insurance CEO Bill Fraser said in a statement.

“Insurers do not have a dollar amount of insured losses,” he added. “What we can say is that the overall number of claims remains very low. Our assessment and operational analysis of claims indicates that they should not result in unreasonable claims payments.”

Businesses affected by the flooding have paid out a combined $44 million to date, according to the bureau.

The British Columbia Association of Accident Adjusters said almost a third of the 1,527 total claims reported have come from property owners.

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