CatIQ, the Toronto-based independent provider of industry-wide catastrophe insurance data and a subsidiary of PERILS, has released its latest insured loss estimates for two severe weather events that struck Canada in June 2026, while also confirming its final loss estimate for the flooding that affected Toronto and surrounding areas on 15 and 16 July 2024.
According to CatIQ, severe storms that swept across southern Saskatchewan and southern Manitoba on 9 and 10 June generated tornadoes, hail measuring up to 10 cm in diameter and record-breaking rainfall.
The company’s initial industry loss estimate for the event is CAD 728 million. CatIQ said the estimate covers commercial and residential property claims, motor claims and additional loss adjustment expenses.
CatIQ has also published an initial industry loss estimate for the thunderstorms that affected Montreal’s West Island and areas south of the city on 20 and 21 June.
The company said the storms caused widespread flooding, with hundreds of properties affected, and estimated insured losses at CAD 409 million.
CatIQ noted that the Montreal flooding was reminiscent of the flash flooding that affected Toronto and parts of southern Ontario on 15 and 16 July 2024. The company has now issued its final industry loss estimate for that event, placing insured losses at CAD 890 million. CatIQ said the final figure has remained broadly stable compared with the one-year post-event estimate of CAD 899 million.
The company added that its subscriber platform provides additional information on these and other Canadian catastrophe events, including detailed meteorological data such as hail sizes, rainfall totals, damage reports and related news coverage.
In line with CatIQ’s reporting timetable, the company said a second update to the industry loss estimates for both the Prairie storms and the Montreal flooding will be issued 45 days after each event. The Prairie storm update is scheduled for 22 July 2026, while the Montreal flooding update is due on 5 August 2026.
Laura Twidle, President and CEO of CatIQ, said: “The second quarter of 2026 started with well above average catastrophe activity for Canada, with numerous events affecting different regions of the country. Unusually, we saw multiple events make direct hits on population centres, which drove a flurry of activity for the insurance industry.”
Twidle added: “The summer thus far bears similarities to both 2023, which saw average annual losses but a tremendous number of individual catastrophe events, and 2024, which was the costliest year on record for severe weather-related losses in Canada. It remains to be seen which path the remainder of 2026 may follow.”
