CatIQ Reveals Huge Total Canadian Insured Losses from Catastrophic Events in 2024

Canadian insured losses from catastrophic events in 2024 totalled CAD $8.5 billion

Toronto, ON (Jan. 15, 2025) – The magnitude of catastrophic events experienced across Canada in 2024 pushed the insured loss total for the region to CAN $8.5 billion, according to 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 CAN $8.5 billion makes 2024 the largest loss year for the country on record, far exceeding the previous record of CAN $6.2 billion recorded in 2016.

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

1. 2024 – CAN $8.5 billion
2. 2016 – CAN $6.2 billion
3. 2013 – CAN $3.9 billion
4. 2023 – CAN $3.6 billion
5. 2022 – CAN $3.5 billion

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

In less than a month, Canada recorded four new top-ten costliest events:

• Calgary Hailstorm – 2nd
• Remnants of Hurricane Debby – 3rd
• Jasper Wildfire – 9th
• Southern Ontario Flooding – 10th

Laura Twidle, President and CEO of CatIQ, said: “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 CAN $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.”

These catastrophic events directly impact the public and require the (re)insurance industry, academia, and government to work together before, during and after each loss. To foster greater collaboration between key stakeholders, CatIQ, in partnership with MSA Research, will again host CatIQ Connect – Canada’s Catastrophe Conference – which will take place on February 4-5, 2025 at the Metro Toronto Convention Centre. To learn more about CatIQ Connect and to register, visit https://connect.catiq.com/.

About CatIQ

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, public sector and other stakeholders. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. For more information, please visit catiq.com.

Source: Catastrophe Indices and Quantification Inc.

Tags: CatIQ, natural disaster losses, record-breaking losses