Reinsurance News
Insurance Bureau of Canada
Insurers call on Canada’s federal government to move forward with national flood insurance program: IBC
19th November 2024
October storms in Southern British Columbia, Canada, resulted in over $110 million in insured damages, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). In response to these escalating costs, insurers urge the federal government to move forward with the implementation of a National Flood Insurance Program to better ... Read the full article
IBC urges gov action as summer weather events in Canada drive insured losses of CAD 7bn+
25th September 2024
Citing initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), which place the combined insured loss of four catastrophe weather events this summer in Canada at more than CAD 7 billion, the Insurance Bureau of Canada (IBC) has called on governments to collaborate on reducing disaster risk. In just July and ... Read the full article
Hurricane Debby caused $2.5bn in insured damage in Quebec: CatIQ
16th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the remnants of Hurricane Debby, which hit southern Quebec on August 9-10, caused nearly $2.5 billion in insured damage, making it the costliest event in Quebec’s history. Johanne Lamanque, Vice-President, Quebec at Insurance Bureau of Canada (IBC), stated, “The record-breaking ... Read the full article
Calgary hailstorm, 2nd costliest event in Canadian history causes insured losses of $2.8bn
12th September 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the Calgary hailstorm during early August has resulted in nearly $2.8 billion in insured losses, making it the second-costliest event in Canada's history, following the 2016 Fort McMurray wildfire. On August 5th, 2024, severe thunderstorms developed over southern Alberta and ... Read the full article
Toronto/Ontario flash flooding drives $940m in insured damage: CatIQ
20th August 2024
According to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding in Toronto and other parts of southern Ontario between July 15-16, 2024, is estimated to have caused over $940 million in insured damage. Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC), commented, “The insurance ... Read the full article
Wildfires in British Columbia cause insured losses of more than $720m: IBC
6th October 2023
Catastrophe Indices and Quantification Inc. estimates over $720 million in insured losses have been attributed to wildfires in the Okanagan (McDougall Creek) and Shuswap (Bush Creek East), resulting in these wildfires being named the most costly insured event ever recorded in British Columbia and the tenth costliest in Canada’s history. Aaron ... Read the full article
Nova Scotia flooding causes over $170m in insured damage: IBC
29th August 2023
Citing initial estimates from CatIQ, the Insurance Bureau of Canada (IBC) has reported that the flooding in Nova Scotia on July 23 is estimated to have caused over $170 million in insured damage. According to IBC, this severe weather event produced more than 250 millimetres of rain in the hardest hit ... Read the full article
May’s Canada storms caused $875m in insured damage – CatIQ
16th June 2022
The storms that hit southern Ontario and parts of Quebec on Saturday, May 21, caused over $875m in insured damage, according to initial estimates from CatIQ. According to the firm, the damage in Ontario is estimated to be over $720m, while the storm caused an estimated $155m of damage in Quebec. ... Read the full article
Eastern Canada storm causes estimated $152mn insured loss: CatIQ
14th January 2022
The storm which hit Eastern Canada in December has caused an estimated CAD 152 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ). Ontario and Quebec were hit by strong winds, with heavy rain and wind being pushed to parts of the country's Atlantic provinces. The damage associated with the ... Read the full article
Insured weather losses across Canada reach $1.9bn in 2018: Cat IQ
21st January 2019
Severe weather across Canada resulted in approximately $1.9 billion of re/insured losses in 2018, according to data from Catastrophe Indices and Quantification Inc. (Cat IQ). The Insurance Bureau of Canada (IBC) noted that 2018 had the fourth-highest amount of losses on record, with ice storms, floods, windstorms and tornadoes damaging homes, ... Read the full article
April storms cause $85mn insured loss across Ontario and Quebec
3rd May 2018
The Insurance Bureau of Canada (IBC) has reported that an early April storm, which tracked across the Eastern provinces of Ontario and Quebec, has resulted in over CAD $85 million (USD $66 million) in insured losses. This figure also brings the total insured losses from severe weather damage over the past ... Read the full article
February storms leave $57mn insured damage in Southern Ontario & Quebec
23rd March 2018
The Insurance Bureau of Canada (IBC) reported February storms which hit Southern Ontario and Quebec resulted in insured losses of over $57 million, according to Catastrophe Indices and Quantification (CatIQ). Ontario reported over $43 million in insured damage while Quebec reported over $14 million. Kim Donaldson, Vice-President, Ontario, IBC, said; "Climate change ... Read the full article
April/May flooding in Quebec & Ontario results in over CA$223mn insured loss: IBC
4th September 2017
Two storms and subsequent major flooding in parts of Ontario and Quebec in early April, combined with a severe flooding event in the regions during early May, 2017, has resulted in an insurance industry loss of over CA$223 million (US$179 million), reports the Insurance Bureau of Canada (IBC). This is according ... Read the full article
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