Storms that swept across parts of Canada’s Ontario province have caused nearly $C360 million ($362 million) in estimated insured damage, according to initial estimates. 

The storms on July 27 and 28 and between August 1-3 brought intense rainfall and flash flooding to communities in the Niagara region, leading to thousands of reports of inundated streets and basements and of sewer backups. 

The losses figure, released by the Insurance Bureau of Canada, is based on initial estimates from Catastrophe Indices and Quantification Inc (CatIQ). 

Bureau vice-president, Ontario and Atlantic Amanda Dean says Canada’s flood challenge is clear, with catastrophic events no longer unexpected and becoming more frequent. 

“What remains unclear is why we continue to underinvest in solutions that could better protect people, property and communities,” she said. 

“Investing in resilient infrastructure, shifting our focus from recovery to prevention and giving Canadians access to flood-risk information are among the most effective ways to help limit damage, reduce long-term insurance costs and strengthen community resilience.” 

Over the past 20 years, Canada’s flood and water-related insured losses have increased more than 300% compared to the previous two decades, according to CatIQ, a subsidiary of Zurich-based Perils.