What is being called the worst flooding in Alberta, Canada indecades is expected to cause damages of between C$3 billion and $5billion.
|However insurance losses are likely to be much less, sinceflooding is “not covered by home policies anywhere in Canada,” saysBill Adams, vice president of the Western and Pacific region forthe Insurance Bureau of Canada, in a statement.
|BMO Capital markets analyst Tom MacKinnon preliminarilyestimates insured losses of between C$2.25 billion to $3.75 billion(US$2.14 billion to $3.57 billion).
|The IBC says some damage from sewer back-up could be covered ifit is bought as an add-on to a homeowners' policy. Additionally,comprehensive auto insurance covers flood.
|MacKinnon estimates about half of commercial properties inCanada buy flood coverage.
|But as far as homeowners' coverage, the IBC says “overlandflooding” is a risk for only a small amount of the population, andwould therefore be unaffordable for those who need it.
|According to Reuters, Calgary, Alberta's largest city, plans togo ahead with a long-running rodeo festival in early July called“Stampede.”
|“Throughout our entire history, we have never cancelled a showdespite two wars and the Great Depression. 2013 will be noexception,” says Bob Thompson, president of Stampede, on itswebsite.
|The event is said to pump $320 million in Calgary's economy.
|Stampede CEO Vern Kimball says millions of gallons of water havebeen pumped from the track, infield and buildings.
|According to reports, the floods have affected Canada's oil andgas production in Calgary and a beef processing plant andfertilizer plant were shut down.
|After heavy rains the Bow and Elbow rivers overflowed theirbanks late last week, knocking out power and causing heavydamage.
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