Reinsurance News

Canadian insured losses from cat events total $3.1bn in 2022: CatIQ

19th January 2023 - Author: Kane Wells

Canada’s 2022 catastrophic events have caused insured losses of over CAN $3 billion, a mark that hasn’t been reached since 2016 when a wildfire devastated Fort McMurray, AB, says Catastrophe Indices and Quantification Inc. (CatIQ).

There was a total of 15 events which incurred at least $30 million in insured losses in Canada, says CatIQ.

Of these, two events made up a substantial portion of the overall industry total, the May 21 derecho in Ontario and Quebec, which caused insured losses of around $1 billion, and Hurricane Fiona in Atlantic Canada in September which caused insured losses of around $800 million.

When Reinsurance News last covered CatIQ’s damage estimate for Hurricane Fiona, the firm suggested it was the most costly extreme weather event ever recorded in Atlantic Canada and the seventh largest in the country’s history in terms of insured damages.

Making its first landfall in Atlantic Canada on Saturday, September 24, 2022, with maximum wind gusts exceeding 100 km/h, Fiona resulted in the tragic loss of life, alongside torrential rainfall, large waves, storm surges, downed trees and widespread power outages.

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The 2022 total insured catastrophic loss of $3.1 billion lands the year in the top three loss years for the country.

Laura Twidle, President and CEO of CatIQ, commented, “There was an unprecedented number of catastrophes in 2022, including now two of the top ten events in Canadian history.

“As our exposure and severe weather frequency increase, we all must come together to find unique solutions to mitigate the impacts to extreme events.”

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