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The magnitude of catastrophic events experienced across Canada in 2024 pushed the insured loss total for the region to C$8.5 billion (US$5.9 billion), according to Catastrophe Indices and Quantification Inc. (CatIQ), Canada’s insured loss and exposure indices provider.

In addition to the unprecedented losses, the number of total catastrophe claims exceeded 273,000, far in excess of the previous record of 197,000 in 2016.

The insured loss figure of C$8.5 billion makes 2024 the largest loss year for the country on record, far exceeding the previous record of C$6.2 billion (US$4.3 billion) recorded in 2016.

The largest insured loss years (adjusted for inflation) are:

1. 2024 – C$8.5 billion (US$5.9 billion);
2. 2016 – C$6.2 billion (US$4.3 billion);
3. 2013 – C$3.9 billon (US$2.7 billion);
4. 2023 – C$3.6 billion (US$2.5 billion);
5. 2022 – C$3.5 billion (US$2.4 billion).

While the number of events that generated insured losses in excess of C$30 million (US$20.8 million) – which CatIQ categorizes as a catastrophe – was on par with the annual average at 12, the fact that four events generated losses of C$1 billion (US$693 million) or above made 2024 a record-breaking year.

CatIQ said that Canada recorded four new top-10 costliest events in less than a month:

• Calgary hailstorm – 2nd
• Remnants of Hurricane Debby – 3rd
• Jasper wildfire – 9th
• Southern Ontario flooding – 10th.

“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 C$7.5 billion in just 27 days in 2024,” commented Laura Twidle, president and CEO of CatIQ, in a statement.

“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,” Twidle said.

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS AG and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry.

Source: Catastrophe Indices and Quantification Inc. (CatIQ)

Photograph: Drivers are stranded due to flood waters blocking the Don Valley Parkway following heavy rain in Toronto, on Tuesday, July 16 2024. (Arlyn McAdorey/The Canadian Press via AP)

Topics Catastrophe Profit Loss Canada