CatIQ finalises industry loss estimate for 2024 Calgary hailstorm at C$3.34bn

CatIQ, Canada’s insured loss and exposure indices provider, has published a final insurance industry loss estimate of CAD $3.34 billion for the severe hailstorm that struck Calgary, Alberta Canada on August 5th, 2024.

This marks a slight increase from CatIQ’s one-year post-event estimate of $3.29 billion, that was issued in August 2025.

We also covered the firm’s fourth loss estimate of $3.25 billion, which was issued six months after the event, as well as CatIQ’s first loss estimate from the hailstorm in September 2024, where losses had surpassed $2.8 billion.,

CatIQ also confirmed that its loss estimate covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses.

Caroline Floyd, Director of CatIQ, commented: “Two years after Canada’s largest hail catastrophe, more than 95 percent of reported claims are estimated to have been resolved, up from 86 percent at the one-year mark. This increase is noteworthy in that it likely reflects the exceptional magnitude of the event. By comparison, after the 2020 Calgary hailstorm – the previous largest hail event in Canada – we observed that 90 percent of claims were closed at one year, and 96 percent at two years.

“So, while the 2024 event progressed more slowly through the first year, the industry has largely caught up at the two-year mark, despite handling nearly twice the claim volume of the 2020 storm.”

At the same time, CatIQ has also published an initial loss estimate of $374 million for the severe thunderstorm event that impacted parts of southern Ontario and southern Quebec between June 30th and July 3rd, 2026,

“Several days of strong thunderstorms capped off a heatwave that had gripped the region at the end of June, with widespread reports of flash flooding, hail up to 40 mm in diameter, and at least two confirmed tornadoes”, CatIQ explained.

The firm also noted that the National Capital Region saw periods of torrential rainfall, with Ottawa recording nearly 120 mm on 1 July.

In line with CatIQ’s reporting schedule, a second update of market losses from the event will be made available on August 17th, 2026, 45 days after the event end date.

As well as this, CatIQ has also published its 45-day post-event loss estimate for the Montreal and surrounding area flooding event that took place between June 20th and 21st, 2026.

CatIQ’s second loss estimate, which also covers property and vehicle claims, is $411 million, marking a slight increase from the firm’s initial loss estimate of $409 million.

The company also confirmed that a third update of the market losses will be made available on September 21st, 2026, three months following the event.

Floyd added: “The summer of 2026 has seen catastrophes occurring across Canada at a record pace, with 10 new events occurring in June and July. The current record year – 2023 – also saw 10 events in June and July, although catastrophes in July made up the bulk of that total. Notably, 2023 also saw a further nine events occur in August, on the way to recording 26 events for the year. With 14 events declared to date, it remains to be seen whether 2026 will become the most active year on record.”