Flooding aftermath: damage may surpass $IB

Many Torontonians are uninsured for losses, experts say

- ANA PEREIRA

The overall cost of this week's flood, including uninsured damage, is expected "to be much more" than $1 billion, given the severe destruction to the city's infrastructure, including transit.

The total cost of Tuesday's flash flood in Toronto could easily surpass $1 billion and the government and homeowners will be paying for most of it.

According to the Insurance Bureau of Canada (IBC), Tuesday's storm is comparable to the historic 2013 flood in Toronto, which resulted in $1 billion in insured residential and commercial damage (adjusted for inflation in 2021) and was among the 10 most expensive natural disasters in Canada.

"It was a similar-sized event as to what we witnessed 10 years ago," said Craig Stewart, vice-president of climate change and federal issues at IBC.

A little over 97 millimetres of rain was reported at Toronto's Pearson airport by Tuesday afternoon. By comparison, Toronto's single-day rainfall record was on July 8, 2013, when 126 millimetres fell at Pearson airport.

But Stewart expects the overall cost of the 2024 flood, including uninsured damage, "to be much more" than $1 billion, given the severe destruction to the city's infrastructure, including transit.