Canada insured catastrophe losses hit C$3.1bn in 2023: CatIQ

Insured catastrophe losses in Canada reached CAN $3.1 billion for full-year 2023, putting the costly year as the fourth most expensive for the insurance industry on record, according to CatIQ.

Unlike the top three loss years, no single large event dominated insured catastrophe losses in Canada in 2023, CatIQ explained.

The most impactful events of the year, were:

Kelowna Wildfires in British Columbia
Ice Storm in Ontario and Quebec
Tantallon Wildfire in Nova Scotia
Flooding in Nova Scotia
Severe Storms in Ontario and Quebec
Winnipeg Hailstorm in Manitoba

2016 saw the highest level of catastrophe insured losses on record, at CAN $5.9 billion followed by 2013 at CAN $3.8 billion and 2022 at CAN $3.4 billion.

Last year, CatIQ counted 23 catastrophe events that generated insured losses in excess of CAN $30 million each over the 12-month period, which is a record number for the country.

These included the first ever catastrophe declaration for the territories, due to the exceptionally active wildfire season in Canada.

Laura Twidle, President and CEO of CatIQ, explained, “Last year was one for the record books – not in terms of the overall insured losses, but rather the total number of catastrophes which occurred during the period. In July and August, there were more catastrophes than Canada has previously seen in an entire year.

“The country is experiencing the increase in severe events firsthand, and collaboration across sectors is becoming more important to mitigate the impacts.”