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Natural disasters that struck Canada in 2024 have generated insured losses exceeding the 8 billion CAD (5.6 billion USD) mark for the first time in the country's history.
According to research firm CatIQ, this amount is likely to reach 8.55 billion CAD (5.9 billion USD), making 2024 the costliest year for the insurance market, breaking the previous record of 6 billion CAD (4.2 billion USD) set in 2016 following the Fort McMurray fires.
In just two months (July and August), Canada recorded four extreme weather events, with insured damage estimated at over 7 billion CAD (4.9 billion USD).
Natural disasters in Canada: top 10 costliest years for the insurance market
Figures in billions USD
| Ranking | Year | Insured damage | Extreme weather events |
|---|---|---|---|
| 1 | 2024 | 5.9 | Hailstorm in Calgary, forest fires in Jasper, tail end of Hurricane Debby, flooding in the Greater Toronto Area |
| 2 | 2016 | 4.3 | Forest fires in Fort McMurray, Alberta |
| 3 | 2013 | 2.8 | Flooding in Alberta, flooding in the Greater Toronto Area (GTA), ice storm in the GTA |
| 4 | 2022 | 2.5 | Multiple events |
| 5 | 2023 | 2.5 | Flooding in Nova Scotia, forest fires in the Okanagan and Shuswap regions of British Columbia |
| 6 | 1998 | 2 | Ice storm in Quebec |
| 7 | 2021 | 1.78 | Hailstorm in Calgary, flooding in British Columbia |
| 8 | 2020 | 1.75 | Flooding in Fort McMurray, hailstorm in Calgary |
| 9 | 2018 | 1.73 | Multiple events: rain and wind storms in Ontario and Quebec |
| 10 | 2011 | 1.4 | Fire and windstorm, Slave Lake, Alberta |
