TORONTO (Reuters) – Insured losses have surged in the past decade as climate change in Canada sparks wildfires, intense hailstorms and thunderstorms with severe flooding in major cities.
Insured losses from natural disasters averaged C$2.2 billion ($1.63 billion) a year over the last decade, far exceeding the previous decade’s average of C$632 million, according to the IBC, which expects escalating losses to continue.
The wildfire in Canadian tourist destination Jasper this year surpassed C$880 million in insured damages, according to initial estimates, IBC said last week.
Here is a list of 10 of the worst annual losses recorded in Canada due to weather events.
Year Total loss Major weather events Impacted regions
2016 C$5.96 billion Wildfire Fort McMurray,
Alberta
2013 $3.87 billion Floods, ice storm Alberta; Toronto,
Ontario
2022 C$3.4 billion Multiple events Multiple locations
2023 C$3.13 billion Wildfires on the Okanagan and
west coast, floods Shuswap, B.C.;
on the east coast Nova Scotia
1998 C$2.83 billion Ice storm Quebec
2021 C$2.48 billion Hailstorm and floods Calgary, Alberta;
British Columbia
2020 C$2.46 billion Flood and hailstorm Fort McMurray and
Calgary, Alberta
2018 C$2.40 billion Multiple events Ontario and Quebec
including rainstorms
and windstorms
2011 C$1.97 billion Fire and windstorm Slave Lake,
Alberta
2012 C$1.65 billion Rainstorm Calgary
Source: Insurance Bureau of Canada, CatIQ
(Reporting by Nivedita Balu in Toronto; Editing by Jonathan Oatis)
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