Canada Reports Record $8.5 Billion Insured Losses

In 2024, Canada experienced an unprecedented total of C$8.5 billion ($5.9 billion) in insured losses due to severe weather events, setting a new record that surpasses the previous high of C$6 billion in 2016. The year was marked by four significant catastrophic events occurring in a short span, including the devastating August hailstorm in Calgary, which alone accounted for C$3 billion in losses. The total number of catastrophe claims exceeded 273,000, well above the previous record, highlighting the widespread impact of these disasters on Canadians. Climate change is increasingly linked to these extreme weather patterns, raising concerns about future insurability in vulnerable regions. Industry officials emphasized the urgent need for collaborative action to address the frequency and scale of such events, with calls for government intervention to better protect citizens. The Insurance Bureau of Canada noted that the challenges faced in 2024 reflect a growing crisis in property and casualty insurance across the nation.