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Toronto flood insurance claims could be ‘significant but manageable’: ratings agency
TORONTO — Morningstar DBRS says insurance claims caused by the Toronto flood earlier this week could be “significant but manageable” for insurers.
The credit rating agency says the insurance industry can expect insured losses of around $1 billion from the heavy rains on July 16 that led to flooded highways and basements.
The agency says the insured losses are large for a single weather event, but they’re entirely manageable for the insurance industry.
While the single event won’t disrupt the industry, insurers have been facing upward pressure on claims including more than $3 billion in claims in both of the past two years.