Toronto, Ontario – According to a recent report from Catastrophe Indices and Quantification Inc. (CatIQ), in 2024, insured losses from catastrophic weather events in Canada totalled a record-breaking $8.5 billion.
As noted in the report, in addition to the unprecedented losses recorded, the number of total catastrophe claims filed exceeded 273,000—a significant increase from the previous record of 197,000 set in 2016.
Similarly, 2016 also represented the previous record for insured loss values at a previous high of $6.2 billion.
The report continues that while the number of events that generated insured losses in excess of $30 million—which CatIQ categorizes as a catastrophe—was on par with the annual average at 12, in 2024, four events generated losses of $1 billion or above, which ultimately contributed to 2024 being a record-breaking year.
Notably, in less than a month, Canada recorded four top-ten costliest events:
- Calgary Hailstorm: second costliest
- Remnants of Hurricane Debby: third costliest
- Jasper Wildfire: ninth costliest
- Southern Ontario Flooding: tenth costliest
Laura Twidle, president and CEO of CatIQ commented in the report that “the Canadian insurance industry has experienced back-to-back challenging years after a record-shattering number of catastrophes (24) in 2023, and four events which combined, exceeded $7.5 billion in just 27 days in 2024. There is a clear need for continued collaboration to address the growing scale and frequency of catastrophe events across Canada but, more importantly, concerted action to mitigate the impacts of these events.”
To see the full report, click here.
