catastrophe losses

The severe storm outbreak that impacted Southern Ontario, including Toronto, on September 2nd and 3rd, 2026, is estimated to have resulted in an insurance industry loss of CAD $563 million, according to 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 for the severe thunderstorm event that impacted parts of southern Ontario and southern Quebec between June 30th and July 3rd, 2026, to CAD $491 million, a 12% increase from the firm’s second loss estimate of $439 million.

Analysts at investment bank Jefferies have brought insurer Generali’s aggregate reinsurance protection into focus, saying that losses from catastrophes and weather events in Europe could drive the insurer to make reinsurance recoveries from its aggregate protection this year, given the restructuring of the coverage for 2026.

Ten extreme weather events impacted the Canadian Prairies this summer, causing widespread damage and over $1.8 billion in insured losses, according to initial estimates from CatIQ. This surge in claims has prompted the Insurance Bureau of Canada (IBC) to urge governments to take immediate action to help reduce the country’s exposure to extreme weather events.

CatIQ, Canada’s insured loss and exposure index provider, has raised its insurance industry loss estimate for the June 2026 flooding event that impacted Montreal’s West Island and the surrounding areas to CAD $442 million, a 7.5% increase from its second loss estimate of CAD $411 million that was issued in August.

A busy August in catastrophe loss terms from severe weather activity has resulted in large US insurer Allstate reporting $748 million in pre-tax losses, which has lifted the total across the current annual aggregate risk period for its catastrophe bonds to $3.15 billion so far.

Under certain scenarios, a category 5 hurricane ploughing into Miami or Tampa Bay has the potential to drive more than US $300 billion of losses across the global insurance and reinsurance market, Swiss Re’s Institute said today, while also explaining the importance of reinsurance and ILS capital in protecting the state.

CatIQ, Canada’s insured loss and exposure index provider, has raised its insurance industry loss estimate from the severe storm outbreak that affected Saskatchewan and Manitoba in the Canadian Prairies in early June to CAD $923 million, an 8.5% increase from its second loss estimate of CAD $850 million that was issued in July.

Reinsurance broker Gallagher Re has estimated that a late August severe convective storm (SCS) and large hail outbreak across parts of western Europe will drive insurance industry losses of around EUR 2.5 billion.

According to Verisk, the global data analytics and technology provider, the insurance industry should be prepared to withstand an average $171 billion in annual natural catastrophe losses in any given year, according to the firm’s latest average annual losses (AAL) benchmark.