Toronto flood most expensive natural disaster in Ontario history

Insured damages from the July 8th thunderstorm that rocked Toronto, causing widespread flooding and at least one $200K Ferrari to be abandoned, will be the highest in Ontario history, the Insurance Bureau of Canada said on Wednesday.

The intense rains, which shuttered most of Toronto's downtown core, will cost insurers an estimated $850 million, IBC said in a release.

Even when adjusted for inflation, that total far surpasses the previous provincial record of $671 million (2012 dollars) set in 2005 during an intense wind and rain storm. And IBC warned the current estimates are just the beginning.

"While these preliminary estimates are staggering, we do expect them to go even higher," Ralph Palumbo, IBC vice-president for Ontario, said in a release. "The good news is that our industry was well prepared to handle our obligations to customers."

While individual insurers have yet to release total costs, TD Insurance said it expects to take an after-tax hit of $125 million on the Toronto storm and Alberta floods.

More than 300,000 residents lost power as Toronto saw enough rain for the entire month of July hit the city in a matter of hours. The storm flooded highways, shut down both airports servicing the city and washed out sections of the Go Transit system, leaving more than 1,400 people stranded on a commuter train.