In a tumultuous year marked by an extraordinary surge in catastrophic events, Canada grappled with insured losses totaling a staggering CAN $3.1 billion in 2023, as reported by CatIQ.
While 2023 ranks among the largest loss years for Canada, distinct from its predecessors, no single event dominated the industry losses, showcasing the diverse and widespread nature of the calamities that unfolded, the report noted.
The top loss years, adjusted for inflation, include 2016 with CAN $5.9 billion, 2013 with CAN $3.8 billion, and 2022 with CAN $3.4 billion, followed closely by 2023 with CAN $3.1 billion in insured catastrophic losses.
A record-breaking 23 events generated insured losses exceeding CAN $30 million during the 12-month period, emphasising the severity and frequency of the disasters that befell the nation.
Notably, the exceptionally active wildfire season led to the first-ever catastrophe declaration in the territories, adding to the challenges faced by communities across Canada.
The most impactful events of 2023 included the Kelowna Wildfires in British Columbia, an Ice Storm in Ontario and Quebec, the Tantallon Wildfire in Nova Scotia, Flooding in Nova Scotia, Severe Storms in Ontario and Quebec, and the Winnipeg Hailstorm in Manitoba.
These incidents collectively showcased the breadth and intensity of the catastrophes experienced nationwide.
Laura Twidle, President and CEO of CatIQ, remarked, “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.”
Twidle highlighted a concerning trend, noting that July and August alone witnessed more catastrophes than Canada had previously experienced in an entire year.
As the country grapples with an increase in severe events, Twidle stressed the growing importance of collaboration across sectors to effectively mitigate the impacts of such catastrophic occurrences.
