CatIQ estimates that recent Natural catastrophes in Canada caused losses of $5.2 bn from four major events within a few weeks. These events, with estimated losses of C$7.12 bn, are set to surpass previous annual catastrophe records in Canada, according to CatIQ.
Insurers faced these losses due to historic rain and flooding in Toronto and Montreal, along with wildfires and hail in Alberta, as reported by Catastrophe Indices and Quantification and the Insurance Bureau of Canada.
In mid-July, severe storms in southern Ontario resulted in over C$940 mn in losses from flash flooding. This is more than double the C$3.4 bn of catastrophe losses recorded in 2022 and more than triple the average annual loss of C$2.3 bn from 2011 to 2020.
Canada’s previous annual record for insured catastrophe losses, adjusted to 2022 dollars, was C$5.06 bn, largely due to the C$3.75 bn in damages from the Fort McMurray wildfire in Alberta in 2016.
Intact Financial Corp. reported that recent extreme weather events, including floods in Toronto and Montreal, wildfires in Jasper, and hailstorms in Calgary, have led to an estimated C$1.1 bn ($809 mn) in net, pretax catastrophe losses in the third quarter. If this estimate holds, losses would be 80% higher than the same period last year.
Extratropical cyclone rains from the remnants of Hurricane Debby caused nearly C$2.5 bn in insured damage in Quebec on Aug. 9-10.
Debby initially made landfall as a Category 1 storm in Florida on Aug. 5, with maximum winds of 80 mph, and made a second landfall in South Carolina with 50 mph winds.
Four days prior, hailstones the size of chicken eggs caused C$2.8 bn in insured losses during a severe convective storm that hit Calgary, Alberta. This storm, marked by hail, strong winds, heavy rain, and localized flooding, became the second costliest insured loss event in Alberta, after the Fort McMurray wildfire.
Craig Stewart, vice president of climate change and federal issues at the Insurance Bureau of Canada, stressed the need for the federal government to launch the National Flood Insurance Program to protect homeowners from climate change risks.
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