Category: Catastrophes

Toronto, February 13, 2025 – CatIQ, the independent Toronto-based organization providing industry-wide catastrophe insurance data and subsidiary of PERILS, has today disclosed its fourth industry loss estimate for the flooding related to the remnants of Hurricane Debby that affected Ontario and Quebec between August 9 and 10, 2024.

The fourth estimate, which provides a snapshot of the insurance market six months post-event, is CAD 2.817 Billion. This reflects a modest increase from the third loss estimate of CAD 2.767 billion, issued 90 days following the event. The loss number covers property (both commercial and residential) and vehicle (motor) claims.

The updated loss report provides a detailed breakdown of property and motor losses by FSA (high-resolution CRESTA Zones). Also available via the CatIQ subscriber platform are detailed meteorological information including rainfall totals, damage reports, news items, and images of damage caused by the event.

In line with the reporting schedule, a fifth update of the market loss from the remnants of Debby will be made available on August 8, 2025, twelve months after the event end date.

The tropical depression that became Hurricane Debby formed on August 1, 2024, passing over the western Caribbean and southeastern US before being caught up in a large atmospheric trough on August 7. This trough steered the now post-tropical cyclone toward the Great Lakes, and the remnant low brought significant rainfall to eastern Ontario and southern Quebec. Rainfall totals between August 8 and 10 topped 100 mm across a large area extending from eastern Lake Ontario, through Montreal, and along the St. Lawrence River toward Quebec City. Widespread flooding and extensive flood damage resulted, with the hardest-hit regions in southern Quebec seeing more than 200 mm of rainfall from the event.

Caroline Floyd, Director at CatIQ, commented, “While Atlantic Canada is the more obvious target for tropical cyclone activity in Canada, southern Ontario and southern Quebec often see the impacts of remnant storms, many of which follow similar paths to Storm Debby. Ushered up the eastern third of the US by the jet stream, these remnant cyclones funnel substantial atmospheric moisture into the Great Lakes – St. Lawrence River Basin. In fact, since 2010, the insured losses from other remnant tropical storms in Ontario and Quebec have totaled more than CAD 500 million. Prior to Debby, the largest tropical storm-related event for Quebec stemmed from the remnants of Storm Irene (2011), which at the time caused some CAD 101 million in insured losses. For comparison, the rainfall from Irene reached only 68 mm in Montreal, versus Debby’s 154 mm.”

Floyd, continued, “The remnants of Hurricane Debby were especially impactful for residents of Quebec, where more than 75,000 claims for personal property damage were filed. The average personal property claim size was not all that different from the flooding event in southern Ontario in July 2024, but the number of claims filed vastly differs, with Storm Debby generating nearly four times the number of claims as the Toronto flash flooding.”

About CatIQ and PERILS

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, is Canada’s loss and exposure indices provider, delivering detailed analytical and meteorological information on Canadian natural and human-made catastrophes. Through its online subscription-based platform, CatIQ caters to the needs of the insurance / reinsurance / ILS industries, public sector, and other stakeholders, with comprehensive insured loss and exposure indices and related information. PERILS is an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The use of CatIQ and PERILS exposure and loss data other than in conjunction with a valid License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.

More information can be found on www.catiq.com or www.perils.org

PR Contact

Nigel Allen, +44 7988 478824, nigel.allen@perils.org

Toronto, February 10, 2025 – CatIQ, the independent Toronto-based organization providing industry-wide catastrophe insurance data and subsidiary of PERILS, has today disclosed its fourth industry loss estimate for the hailstorm that affected Calgary, Alberta, on August 5, 2024.

The fourth estimate, which provides a snapshot of the insurance market six months post-event, is CAD 3.253 billion. The third loss estimate, issued 90 days following the event, was CAD 2.948 billion. The loss number covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses.

The updated loss report provides a detailed breakdown of property and motor losses by FSA (high-resolution CRESTA Zones). Also available via the CatIQ subscriber platform is detailed meteorological information including affected neighbourhoods, hail size estimates, damage reports, news items, and images of damage caused by the event.

In line with the reporting schedule, a fifth update of the market loss from the hailstorm will be made available on August 5, 2025, twelve months after the event.

Unstable atmospheric conditions on August 5, 2024, saw thunderstorms develop along the southern Alberta foothills and drift eastward with the prevailing winds. Several of these discrete storm cells produced very large hail, up to the size of baseballs in some cases. One such storm cell moved across northern Calgary and neighbouring Strathmore, causing significant damage to homes and businesses. Hailstones punched holes in vinyl siding on homes, broke windows, and severely damaged roofs, including that of the Calgary International Airport.

Calgary has experienced a number of severe storms featuring extensive hail damage in recent years, with especially severe events in both 2020 and 2021 which together generated nearly CAD 2 billion in insured losses. Of note is the fact that, while all three damaging storm cells impacted primarily residential areas, they each traversed different parts of the city. Damage in 2020 occurred mainly in the northeast, the 2021 storm affected primarily the southern tier, and the 2024 storm impacted the northern part of the city.

Laura Twidle, President and CEO of CatIQ, commented, “While the storm itself was not unusually severe for the region, the extent of the damage and the scale of the industry loss total reflect how the distance of a few kilometres in the track can result in tremendous loss differences when it comes to severe convective storm. There was nothing apparent about the storm from a meteorological standpoint to suggest it would result in one of the costliest events in Canadian history.”  

Twidle continued, “The insurance industry experienced a record loss year in Canada in 2024 and, while the majority of those losses stemmed from four events in July and August, of the year’s twelve total events, one quarter involved hail damage – an important reminder of the industry’s exposure to this peril. In the past five years, CatIQ has declared 30 catastrophes relating to hail with losses exceeding CAD 30 million, accounting together for more than CAD 8 billion in insured losses for the industry.”

About CatIQ and PERILS

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, is Canada’s loss and exposure indices provider, delivering detailed analytical and meteorological information on Canadian natural and human-made catastrophes. Through its online subscription-based platform, CatIQ caters to the needs of the insurance / reinsurance / ILS industries, public sector, and other stakeholders, with comprehensive insured loss and exposure indices and related information. PERILS is an independent Zurich-based organization providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The use of CatIQ and PERILS exposure and loss data other than in conjunction with a valid License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.

More information can be found on www.catiq.com or www.perils.org

PR Contact

Nigel Allen, +44 7988 478824, nigel.allen@perils.org

Toronto, January 17, 2025 – CatIQ, the independent Toronto-based organization providing industry-wide catastrophe insurance data, has today disclosed its fourth industry loss estimate for the flash flooding in southern Ontario on July 15 and 16, 2024.

The latest estimate of the insured market loss, which provides a snapshot of the insurance market six months post-event, is CAD 991 million. This compares to the third loss estimate of CAD 998 million issued by CatIQ on October 28, 2024. Personal Property losses made up the majority of the total, accounting for 77 per cent of the industry loss. The hardest-hit regions were in Toronto and the Greater Toronto Area, where heavy rainfall overwhelmed sewer and water drainage systems, causing widespread flooding in low-lying areas.

The updated loss report provides a detailed breakdown of property and motor losses by FSA (high-resolution CRESTA Zones.) It also provides comprehensive meteorological information including local rainfall totals, damage reports, news items, and images of damage caused by the event.

In line with the CatIQ reporting schedule, a fifth update of the market loss from the southern Ontario flash flooding will be made available on July 16, 2025, twelve months after the event end date.

On July 15 and 16, 2024, heavy rainfall sparked extensive flash flooding in southern Ontario, including Toronto and the Greater Toronto Area. Two-day rainfall totals exceeded 120 mm in some places, including at Toronto Pearson Airport (123 mm.) This was due to a stationary boundary stretching from northern Quebec through the Upper Great Lakes and down to Colorado. The prevailing flow at the surface was out of the southern United States, streaming moisture from the Gulf of Mexico northward.

Laura Twidle, President and CEO of CatIQ, commented, “July’s flash flooding was the first of four major events to impact Canada in the summer of 2024. This event is currently the tenth costliest insured catastrophe in Canada’s history, ranking just behind the devastating Toronto flooding of 2013. In terms of total rainfall in a single day at Toronto Pearson Airport, this event ranks the fifth highest, while the 2013 floods hold the record with 126 mm. Interestingly, while the total insured loss for both events is very similar, the average claim in Personal Property is approximately CAD 10,000 higher in 2024. This could reflect inflation and policy changes, as well as trends in the use of space in dwellings over the past decade.”

Twidle continued, “We are grateful to our insurance partners for supplying the critical data sets that are used to develop these estimates, which are more important than ever amid Canada’s changing climate and catastrophe landscape.”

About CatIQ and PERILS

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, is Canada’s loss and exposure indices provider, delivering detailed analytical and meteorological information on Canadian natural and human-made catastrophes. Through its online subscription-based platform, CatIQ caters to the needs of the insurance / reinsurance / ILS industries, public sector, and other stakeholders, with comprehensive insured loss and exposure indices and related information.

PERILS is an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The use of CatIQ and PERILS exposure and loss data other than in conjunction with a valid License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.

More information can be found on www.catiq.com or www.perils.org

PR Contact
Nigel Allen
+44 7988 478824
nigel.allen@perils.org

Toronto (January 13, 2025) – The magnitude of catastrophic events experienced across Canada in 2024 pushed the insured loss total for the region to CAN $8.5 billion, according to CatIQ, Canada’s insured loss and exposure indices provider. In addition to the unprecedented losses, the number of total catastrophe claims exceeded 273,000, far in excess of the previous record of 197,000 in 2016.

The insured loss figure of CAN $8.5 billion makes 2024 the largest loss year for the country on record, far exceeding the previous record of CAN $6.2 billion recorded in 2016.

The largest insured loss years (adjusted for inflation) are:

1. 2024 – CAN $8.5 billion
2. 2016 – CAN $6.2 billion
3. 2013 – CAN $3.9 billon
4. 2023 – CAN $3.6 billion
5. 2022 – CAN $3.5 billion

While the number of events that generated insured losses in excess of CAN $30 million – which CatIQ categorizes as a catastrophe – was on par with the annual average at 12, the fact that four events generated losses of CAN $1 billion or above made 2024 a record-breaking year.

In less than a month, Canada recorded four new top-ten costliest events:

• Calgary Hailstorm – 2nd
• Remnants of Hurricane Debby – 3rd
• Jasper Wildfire – 9th
• Southern Ontario Flooding – 10th

Laura Twidle, President and CEO of CatIQ, said: “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 CAN $7.5 billion in just 27 days in 2024. 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.”

These catastrophic events directly impact the public and require the (re)insurance industry, academia, and government to work together before, during and after each loss. To foster greater collaboration between key stakeholders, CatIQ, in partnership with MSA Research, will again host CatIQ Connect – Canada’s Catastrophe Conference – which will take place on February 4-5, 2025 at the Metro Toronto Convention Centre.

To learn more about CatIQ Connect and to register, visit https://connect.catiq.com/.

About CatIQ Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and human-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, public sector and other stakeholders. www.catiq.com. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. CatIQ also partners with MSA Research to host the Canadian catastrophe conference, CatIQ

For more information, please contact:
Laura Twidle
CatIQ
Tel: 1(416)368-1723 x1
Laura.twidle@catiq.com
www.catiq.com