CatIQ issues initial loss estimates for June Canadian storms. Confirms final Toronto 2024 flood losses

CatIQ, Canada’s insured loss and exposure index provider, has published its initial industry loss estimates for two severe weather events that impacted the Prairies and Montreal in Canada in June 2026, while also confirming its final loss estimate for the flooding that affected Toronto and surrounding areas in mid-July 2024.

As per CatIQ, a severe storm outbreak swept across southern Saskatchewan and southern Manitoba on June 9th and 10th, which generated tornadoes, hail measuring up to 10cm in diameter and record-breaking rainfall.

CatIQ’s initial industry loss estimate for the event is CAD $728 million.

CatIQ also noted that the estimate covers commercial and residential property claims, motor claims and additional loss adjustment expenses.

Meanwhile, on June 20th and 21st, a series of thunderstorms impacted Montreal’s West Island, as well as areas south of the city, flooding hundreds of properties. CatIQ’s initial loss estimate for this event is CAD $409 million.

CatIQ noted that the flooding in Montreal is reminiscent of the flash flooding that occurred in Toronto and across southern Ontario on July 15th and 16th, 2024.

As mentioned, the company has now issued the final loss estimate for this catastrophe, two years post-event, putting the total figure at CAD $890 million.

It’s worth noting that this figure has remained relatively stable compared to the one-year post-event figure of CAD $899 million that CatIQ issued last year. 

In line with its reporting schedule, CatIQ has confirmed that a second update on the insurance market losses from both the Prairies and Montreal events will be made available 45 days post-event, with the Prairie outbreak update set to be published July 22nd, 2026, and the Montreal flooding update on August 5th, 2026.

Laura Twidle, President and CEO of CatIQ, commented: “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 continued: “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.”