Front Street in Fort Frances flooded in June 2022. Image: Randy Thoms
2024 became the costliest year for severe weather-related losses in Canadian history, with insured damages reaching $8.5 billion, according to Catastrophe Indices and Quantification Inc. (CatIQ).
This record surpasses the previous high of $6 billion set in 2016 during the Fort McMurray wildfires.
A map showing some of the costliest weather events in Canada during 2024. Photo: CatIQ.
The summer of 2024 was particularly destructive, marked by wildfires, floods, and hailstorms that led to over $7 billion in insured losses within just two months. The Calgary hailstorm in August alone accounted for $3 billion in damages, while the Jasper wildfire and remnants of Hurricane Debby further exacerbated the situation.
The Insurance Bureau of Canada (IBC) highlighted the increasing frequency and severity of such events, emphasizing the resulting strain on home insurance premiums. Since 2019, there has been a 115% increase in claims for personal property damage and a 485% rise in repair costs. Craig Stewart, Vice-President of Climate Change and Federal Issues at IBC, urged governments to adopt more robust infrastructure and land-use planning to mitigate these risks.
With Canada facing a growing number of severe weather events, the call for stronger measures to protect communities has never been more pressing. Key incidents in 2024, such as the GTA floods, Manitoba hailstorms, and storms in southern British Columbia, underline the need for proactive disaster management and resilient infrastructure investment.
You can find the full report details on the CatIQ website.
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