May windstorm is Ontario's most expensive weather event in years

The windstorm that whipped through Ontario back in May was the most expensive weather event the province has seen in the past 5 years.

The Insurance Bureau of Canada tells NEWSTALK 1010 the windstorm cost insurers in Ontario $380 million dollars.

Three people were killed when powerful winds knocked down trees, power lines, and ripped shingles off roofs.

The storm's price tag was the highest related to a weather event in Ontario since the 2013 floods cost insurers almost $1 billion.

It's already been an expensive year for insurers.

Damage from wind, rain, and ice in 2018 is close to $750 million dollars. Insurers usually pay out around $1 billion dollars nation-wide over the course of a year.

Asked by NEWSTALK 1010 if consumers could pay higher rates the Insurance Bureau of Canada refused to speculate but suggested a single event would not cause premiums to rise.

The IBC also says the impact of nasty weather may not hit everyone company, so it's possible they may have spread the risk around.