Canada’s 10 worst natural disasters totaled $30 billion in annual insured losses

VaselineSeptember 3, 2024

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Canada’s 10 worst natural disasters totaled billion in annual insured losses

Insured losses have increased over the past decade as climate change in Canada triggers wildfires, intense hail storms and storms with severe flooding in major cities.

Insured losses from natural disasters averaged US$2.2 billion ($1.63 billion) a year over the past decade, well above the previous decade’s average of US$632 million ($468.3 million), according to IBC. which expects rising losses to continue.

The fire in the Canadian tourist destination of Jasper this year exceeded initial estimates of C$880 million ($652.1 million) in insured damages, the IBC said last week.

Related: Canada’s insurance industry faces a flood of climate-related catastrophe claims

Here is a list of the 10 worst annual insured losses recorded in Canada due to weather events.

Year	Total loss	Major weather events	Affected regions
2016	$5.96 billion	Wild fire	Fort McMurray, Alberta
2013	3.87 billion dollars	Flooding, ice storm	Alberta; Toronto, Ontario
2022	3.4 billion USD	Multiple events	Multiple locations
2023	$3.13 billion	Fires on the west coast, floods on the east coast	Okanagan and Shuswap, BC; Nova Scotia
1998	2.83 billion USD	Ice storm	Quebec
2021	2.48 billion USD	Hail and flooding	Calgary, Alberta; British Columbia
2020	$2.46 billion	Flood and hail	Fort McMurray and Calgary, Alberta
2018	$2.40 billion	Multiple events including storms and windstorms	Ontario and Quebec
2011	$1.97 billion	Fire and storm	Slave Lake, Alberta
2012	$1.65 billion	Rainstorm	Calgary

Source: Insurance Bureau of Canada, CatIQ

(Reporting by Nivedita Balu in Toronto; Editing by Jonathan Oatis)

Photo: A resident of the Timberlea neighborhood stands among the rubble of wildfire-ravaged Fort McMurray, Alberta, Thursday, June 2, 2016. (Jason Franson/The Canadian Press via AP)

TOPICS
Natural Disasters Loss of Profit Canada

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