Canada: Insured losses from catastrophic events top $2.3bn in 2023
Source: Middle East Insurance Review | Feb 2024
The unprecedented frequency of catastrophic events experienced across Canada in 2023 pushed the insured loss total for the region to C$3.1bn ($2.3bn), according to CatIQ, Canada’s insured loss and exposure indices provider.
With total insured catastrophic losses exceeding $3bn, 2023 was one of the largest loss years for the country; however, unlike the top three loss years, no single event dominated the industry losses. According to the CatIQ, Canada’s top loss years (adjusted for inflation) are: 2016 – C$5.9bn, 2013 – C$3.8bn, 2022 – C$3.4bn, and 2023 – C$3.1bn.
The indices provider also pointed out that Canada also experienced 23 events which generated insured losses in excess of C$30m during the 12-month period – a record number for the country. These included the first-ever catastrophe declared in the territories due to the exceptionally active wildfire season across Canada.
Canada’s most impactful events during 2023 included: 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, and Winnipeg hailstorm in Manitoba.
CatIQ president and CEO Laura Twidle said, “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.” M