canada

Insured catastrophe losses in Canada reached CAD $2.4 billion for full-year 2025, marking the ninth-largest loss year on record for the country, placing it at the lower end of the past five years of annual loss totals, according to an estimate from CatIQ, Canada’s insured loss and exposure indices provider.

CatIQ, Canada’s insured loss and exposure index provider, has raised its insurance industry loss estimate from the ice storm that struck Ontario and Quebec between March 28 and 31 to CAD $490 million, an 18% increase from its third loss estimate of CAD $416 million that was issued in July.

CatIQ, the Toronto-based independent catastrophe insurance data provider and a subsidiary of PERILS, has estimated the one-year industry loss caused by the flooding related to the remnants of Hurricane Debby that affected Ontario and Quebec between August 9th and 10th, 2024, to be CAD $2.806 billion.

Insurance industry losses from the severe hailstorm that struck the Calgary area of Canada on August 5, 2024, are estimated to have reached CAD $3.29 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.

Insurance industry losses from the wildfires that impacted the Municipality of Jasper and Jasper National Park in Alberta, Canada between July 22 and August 17, 2024 are estimated to have reached CAD $1.31 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.

Insurance industry losses from the ice storm that hit Ontario and Quebec between March 28 and 31 are estimated to have reached CAD $416 million, according to CatIQ, Canada’s insured loss and exposure index provider

The ice storm that struck Ontario and Quebec between March 28th and 31st, is estimated to have resulted in an insurance industry loss of CAD $342 million, according to CatIQ, Canada’s insured loss and exposure indices provider.

Canadian property and casualty insurer Definity Financial Corporation has utilised the full limit of its aggregate reinsurance cover after losses from multiple catastrophe events in the country, with the wildfires in British Columbia having the largest impact.

According to data from catastrophe loss specialist CatIQ, the 2023 wildfires in British Columbia, Canada have become the 10th largest insurance industry loss event to ever hit the country.

The remarks made by the head of the top financial services and insurance regulator in Canada, which called for insurers to look to catastrophe bonds as an alternative way to access risk transfer and reinsurance capital, have sparked some speculation on when we’ll see a cat bond covering solely Canadian perils.