Revealed – estimated insured losses from Ontario floods

Revealed – estimated insured losses from Ontario floods | Insurance Business Canada

Catastrophe & Flood

Revealed – estimated insured losses from Ontario floods

Sum adds to losses incurred from flooding in July

Catastrophe & Flood

By
Terry Gangcuangco

Preliminary figures from Catastrophe Indices and Quantification (CatIQ) show that the flooding that struck the Greater Toronto Area and southern Ontario in August inflicted over $100 million in insured damage.

The estimate, which is provided under licence to the Insurance Bureau of Canada (IBC), adds to the $940 million in insured losses from the flash flooding that hit the province in July – making 2024 the second most costly summer for floods (next to 2013) in Ontario’s history, with the total exceeding $1 billion this year.

The August flooding, driven by two days of heavy rain and thunderstorms on August 17 and 18, caused significant destruction in areas such as Mississauga, Etobicoke, and other parts of the GTA.

Amanda Dean (pictured), IBC vice president for Ontario and Atlantic, said: “Ontarians have been hit hard by flooding this year, and the damage we’ve seen is unprecedented. The insurance industry has been on the ground since day one of the July flooding, assisting customers as they rebuild and put their lives back together.

“The emotional distress that this summer’s floods have caused thousands of Ontario residents cannot be overlooked. Rest assured, insurers will continue to support their customers until the very end of the claims process.”

As previously highlighted, the 2024 summer season saw a record-breaking number of home, auto, and business insurance claims as a result of the flooding in Toronto and southern Ontario, the Jasper wildfire, the Calgary hailstorm, and the floods in parts of Quebec.

The Jasper wildfire is estimated to have caused $880 million in insured damage; the Calgary hailstorm, $2.8 billion; and the Quebec flooding, $2.5 billion.

Craig Stewart, IBC vice president for climate change and federal issues, added: “Insured losses from catastrophic weather events have been climbing for years, with this summer serving as a stark reminder that Canada has not done enough to prepare.”

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