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Canada’s 10 Worst Natural Disasters Totaled C$30 Billion in Annual Insured Losses

September 3, 2024

Insured losses have surged in the past decade as climate change in Canada sparks wildfires, intense hailstorms and thunderstorms with severe flooding in major cities.

Insured losses from natural disasters averaged C$2.2 billion ($1.63 billion) a year over the last decade, far exceeding the previous decade’s average of C$632 million ($468.3 million), according to the IBC, which expects escalating losses to continue.

The wildfire in Canadian tourist destination Jasper this year surpassed C$880 million ($652.1 million) in insured damages, according to initial estimates, IBC said last week.

Related: Canada’s Å˽ðÁ«´«Ã½Ó³»­ Sector Faces Deluge of Climate-Related Catastrophe Claims

Here is a list of 10 of the worst annual insured losses recorded in Canada due to weather events.

Year Total loss Major weather events Impacted regions
2016 C$5.96 billion Wildfire Fort McMurray, Alberta
2013 $3.87 billion Floods, ice storm Alberta; Toronto, Ontario
2022 C$3.4 billion Multiple events Multiple locations
2023 C$3.13 billion Wildfires on the west coast, floods on the east coast Okanagan and Shuswap, B.C.; Nova Scotia
1998 C$2.83 billion Ice storm Quebec
2021 C$2.48 billion Hailstorm and floods Calgary, Alberta; British Columbia
2020 C$2.46 billion Flood and hailstorm Fort McMurray and Calgary, Alberta
2018 C$2.40 billion Multiple events including rainstorms and windstorms Ontario and Quebec
2011 C$1.97 billion Fire and windstorm Slave Lake, Alberta
2012 C$1.65 billion Rainstorm Calgary

Source: Å˽ðÁ«´«Ã½Ó³»­ Bureau of Canada, CatIQ

(Reporting by Nivedita Balu in Toronto; editing by Jonathan Oatis)

Photograph: A resident of the Timberlea neighborhood sits among the rubble in fire-ravaged Fort McMurray, Altaberta on Thursday, June 2, 2016. (Jason Franson /The Canadian Press via AP)

Topics Natural Disasters Profit Loss Canada

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