Ontario’s July Flash Flood Insured Damage Total Approaches $1 Billion: CatIQ

CatIQ estimates CAD 991m in insured damage from July flash flooding in Toronto

Toronto, ON (Jan. 15, 2025) – Catastrophe Indices and Quantification Inc. (CatIQ) has disclosed its latest industry loss estimate for the flash flooding in southern Ontario between July 15-16, 2024, estimating CAD 991 million in insured damage.

During July 15-16, 2024, southern Ontario and Toronto, experienced severe flash flooding due to heavy rainfall exceeding 120mm in some areas, including at Toronto Pearson Airport (123 mm).

This was caused by a stationary weather system that brought moisture from the Gulf of Mexico northward.

CatIQ’s most recent estimate compares to the third loss estimate of CAD 998 million issued by the company in October 2024.

According to the announcement, Personal Property losses made up the majority of the total, accounting for 77% of the industry loss.

CatIQ’s initial estimate in August was $940 million in insured damage.

Laura Twidle, President and CEO of CatIQ, commented: “July’s flash flooding was the first of four major events to impact Canada in the summer of 2024. This event is currently the tenth costliest insured catastrophe in Canada’s history, ranking just behind the devastating Toronto flooding of 2013.

“In terms of total rainfall in a single day at Toronto Pearson Airport, this event ranks the fifth highest, while the 2013 floods hold the record with 126 mm. Interestingly, while the total insured loss for each event is very similar, the average claim in Personal Property is approximately CAD 10,000 higher in 2024. This could reflect inflation and policy changes, as well as trends in the use of space in dwellings over the past decade.”

This CatIQ’s fourth estimate, six months post-event. The fifth update on the market loss from the southern Ontario flash flooding will be released on July 16, 2025, twelve months after the event concluded, in accordance with the CatIQ reporting schedule.

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