Insured losses from catastrophic events across Canada reached $8.5 billion in 2024, making it the costliest year on record, according to CatIQ, a provider of insured loss and exposure indices.
The total surpasses the previous high of $6.2 billion recorded in 2016, the company said. The number of catastrophe claims filed also set a new record at over 273,000, exceeding the prior peak of 197,000 claims in 2016.
While the number of events generating losses of $30 million or more, which CatIQ categorizes as “catastrophes”, was consistent with the annual average at 12, four of these events exceeded $1 billion in losses, contributing to the record-breaking total, according to the report.
Four of the 10 costliest catastrophic events in Canadian history occurred within a single month last year – Calgary hailstorm, which ranked second; remnants of hurricane Debby, which ranked third; Jasper wildfire, which ranked ninth, and Southern Ontario flooding, which ranked 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 CA$$7.5 billion in just 27 days in 2024,” said Laura Twidle, president and chief executive of CatIQ. “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.”
“Canada is clearly becoming a riskier place to live, work and insure,” said Craig Stewart, vice president, climate change and federal issues, Insurance Bureau of Canada. “Canadian governments must be more proactive to properly manage and mitigate risk.”
Stewart added that the governments need to invest in infrastructure that will protect against flood, implement long-delayed buildings codes that better protect homes and livelihoods and facilitate planning in communities in high-risk wildfire zones.