The August tornado that touched down in Goderich, Ontario, is believed to have caused at least $75 million in insured damage, a new report reveals.
A preliminary estimate made by the Insurance Bureau of Canada indicates that insurers will pay out approximately $75 million, as thousands of auto, home and business insurance claims were filed in the wake of the twister.
Ralph Palumbo, vice president of IBC, said relief workers and insurance representatives were instrumental in the recovery effort.
"Insurance companies were on the ground after the disaster to help affected residents and businesses," said Palumbo. "Many insurance companies brought in extra staff to start issuing cheques to residents to cover their daily needs and to begin processing claims immediately. And the industry continues to help the community to recover."
Shortly after the tornado hit the town on August 21, Premier Dalton McGuinty announced the Ontario government would make $5 million available for disaster relief.
Historically speaking, tornadoes in Ontario are unusual, but in the past two years, they have caused more than $200 million in damage, IBC reports.
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