"After Bad Year, Insurers Face Potential Ice-Storm Hit"

"Canadian insurers are grappling with the prospect of financial damage from yet another severe storm, capping off a brutal year that raised serious questions about how the industry will deal with the costs of climate change."

"After suffering a $3-billion hit from natural disasters such as the summer floods in Alberta and the Greater Toronto Area, property and casualty insurers are now racking up claims from the ice storm that hit Ontario, Quebec and Atlantic Canada. It is still too early to determine the costs, but insurers are bracing for a bruising. ...

Insurers aren’t the only ones on the hook – they share the burden with reinsurance companies that take on a portion of the risk – but the latest storm reopens a deep wound. The property insurance industry is coming to grips with evidence that severe weather events are becoming more frequent. That has potentially significant implications for consumers and businesses, who may be forced to pay higher premiums as insurers try to recover from the losses."

Tim Kiladze reports for the Toronto Globe and Mail December 23 2013.

SEE ALSO:

"Ice Storm Leaves 500,000 Without Electricity" (AP)

"Ice Storm Power Outages Leave Thousands In The Dark, Bad Weather May Hinder Efforts To Restore Electricity " (AP)

Source: Toronto Globe & Mail, 12/26/2013