The Insurance Bureau of Canada (IBC) announced that the floods in Toronto and Southern Ontario last month resulted in insured damages exceeding $940 million.

Nearly 100 mm of rain fell in Toronto within hours, with insurance claims stemming from the severe weather experienced in the region on July 15 and 16.

Amanda Dean, Vice President at IBC, stated that the insurance industry has long warned that severe weather events are becoming more frequent and intense during this summer, unfortunately confirming the validity of this statement.

The heavy rainfall was compared to the storm that hit Toronto in 2013, which was listed as one of the most costly natural disasters in Canada, according to insurance payouts.

IBC data from this weather event showed that claims filed in its aftermath reached $1 billion.

A spokesperson for IBC stated last month that while the two events were similar, it was too early to determine a dollar figure for the damages caused by the storm on July 16.

Flooding was reported throughout the Greater Toronto Area on the past Saturday and Sunday.