The summer of 2024 saw a series of extreme weather events across Canada, leading to a surge in insurance claims and record insured losses.
Over a 24-day period, four major weather incidents resulted in more than 250,000 claims, with total insured damages reaching nearly $8 billion. This made 2024 the costliest year for insured losses in Canada’s history.
As communities assessed the damage to homes, businesses, and vehicles, Canada’s insurance industry took on a central role in the recovery process. Insurers provide financial protection and assistance in times of crisis, a message emphasized in the Insurance Bureau of Canada’s (IBC) latest campaign, Protecting Your Tomorrow, which highlights the role of insurance in disaster recovery.
In addition to handling individual claims, insurers contribute to broader recovery efforts. As the national association representing the industry, IBC works with insurers, emergency management officials, and government agencies to coordinate disaster response. This collaboration helps streamline the claims process and allows insurers to focus resources on assisting affected policyholders.
Following the 2024 weather events, insurers deployed resources to support communities dealing with damage. One example of this response was IBC’s Community Assistance Mobile Pavilion (CAMP) program, which was activated during the Jasper, Alberta wildfires. Over eight days, insurance representatives engaged with more than 2,000 residents, providing claims assistance and answering questions.
Beyond immediate response efforts, insurers continue to advocate for strategies to mitigate the risks of future extreme weather events. A 2024 Leger poll found that one-third of Canadians have experienced the effects of severe weather. As climate-related challenges persist, insurers remain engaged in efforts to support policyholders, strengthen disaster recovery processes, and work with stakeholders on preparedness measures.
The increasing frequency and severity of weather-related losses highlight the role of the insurance industry in helping Canadians manage risk. As events unfold, insurers will continue to provide financial protection, assist communities in rebuilding, and contribute to discussions on resilience and adaptation.
