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Canadian insurers face record costs from 2024 extreme weather

  • The cost of insured damage from extreme weather in Canada reached a record high of $8.55 billion in 2024, surpassing the previous record of $6.2 billion from 2016.
  • The summer of 2024 was the most destructive season in Canadian history for insured losses, with $3 billion in damages from a hailstorm in Calgary and $2.7 billion from Hurricane Debby.
  • The Insurance Bureau of Canada stated that severe weather-related losses are increasing, affecting home insurance costs and making insurance less affordable and available.
  • The report emphasizes the need for governments to invest in flood-defensive infrastructure and improve resilience to disasters, as stated by Craig Stewart from the Insurance Bureau of Canada.
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75% Center
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