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Last year has been declared the largest insured loss year in Canadian history.
According to CatIQ, a group that delivers analytics about Canadian catastrophes, there were $8.5 billion in insured losses throughout the year, over $2 billion more than the previous record of $6.2 billion in 2016.
According to the group, Canada recorded four of the country's ten costliest events over the course of just 27 days.
"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," said Laura Twidle, president and CEO of CatIQ.
In second place was the Calgary hailstorm from August, which caused nearly $2.8 billion in damages to homes in Strathmore, Chestermere, and the surrounding area, making it the costliest disaster in Canada for 2024.
Behind the hailstorm was the Jasper Wildfire, which led to half of the structures in the town being damaged in the blaze.
Other costly events in 2024 included the remnants of Hurricane Debby and the flooding in southern Ontario.
The top five costliest years for insured losses include:
- 2024 – CAN $8.5 billion
- 2016 – CAN $6.2 billion
- 2013 – CAN $3.9 billon
- 2023 – CAN $3.6 billion
- 2022 – CAN $3.5 billion
There were 273,000 catastrophe claims made in 2024, beating the previous record of 197,000 set in 2016.
According to CatIQ, these events require the insurance industry, academia, and governments to work together before, during, and after each catastrophe.