Severe thunderstorms that swept through Montreal and other parts of Quebec on July 13 caused insured losses of almost C$120 mn, according to initial estimates from Catastrophe Indices and Quantification Inc.
The storms triggered flash flooding, power outages, and business disruptions across the province.
So far this year, insured damage from weather events has already topped C$1.6 bn, CatIQ said.
Aaron Sutherland, IBC vice president for the Pacific and Western regions, warned that rebuilding on such a scale is “unsustainable” and said rising claims will push premiums higher unless new strategies to prevent hail damage are introduced.
Laurent Fafard, vice president of the Insurance Bureau of Canada’s Quebec region, said the scale of recent losses underscores the urgency of adapting to extreme weather.
These events serve as a reminder of the need to adapt collectively and make our communities more resilient
Laurent Fafard, vice president of the Insurance Bureau of Canada’s Quebec
The IBC continues to press governments nationwide for stronger risk-mitigation measures.
In Alberta, insured losses from a separate July 13 storm in Calgary could reach C$92 mn. The hailstorm adds to a growing tally that has already cost the province C$6 bn over the past five years.
Canadian insurers reported estimated losses of C$1.3 bn from the Jasper wildfire—C$80 mn above initial projections made in January. This pushes Canada’s total insured catastrophe losses for 2024 to a record C$9.2 bn.
Four major weather events occurring within weeks last summer accounted for over C$8.5 bn in claims across 228,000 incidents, according to the Insurance Bureau of Canada (IBC) and CatIQ.
These included floods in Toronto and Montreal, the Jasper wildfire, and a severe hailstorm in Alberta.
The Jasper wildfire now ranks as the second-costliest in Canadian history. It destroyed 358 homes and businesses in the town center of Jasper National Park.
To date, only two rebuilds have started, and just 56 properties—15%—have received reconstruction permits, IBC Vice President Aaron Sutherland said.
Delays in permitting and high reconstruction costs have slowed recovery. In response, the federal government pledged up to C$5 mn to offset unexpected soil testing and removal expenses. Sutherland called the funding a “positive move” that could help accelerate recovery.
