Four Summer Disasters Led to Record Number of Insurance Claims

Submitted insurance claims hit a record high following several significant natural disasters over four weeks during summer in a season that was the “most challenging in history,” according to the Insurance Bureau of Canada (IBC). Intense flash flooding in Toronto and Southern Ontario, floods in part of Quebec, wildfires that swept through Jasper and a destructive hailstorm in Calgary resulted in more than 200,000 insurance claims.

IBC Findings Explained

IBC data revealed that approximately 228,000 insurance claims were lodged in the summer of 2024 due to the four natural disasters. This number was more than double the 113,000 claims made in July and August 2023. Moreover, this year’s figure was a 406% increase compared with the previous 20-year average.

“This summer has been the most challenging in history for the hundreds of thousands of Canadians across the country who were impacted [by the] storms and wildfires,” said Celyeste Power, president and CEO of the IBC. “[The] four catastrophic weather events, which occurred over the span of four weeks this summer, have resulted in more claims in one summer than insurers have reported in any summer over the last 20 years.”

According to the IBC, the government must help communities and families find ways to withstand the impacts of natural disasters, especially now that climate change is fueling several catastrophes. The IBC calls on the government to commit resources to the National Flood Program for high-risk households, help Canadians protect their homes, and stop building work on flood plains and wildfire-prone areas.

In the meantime, individuals and organizations should review their insurance, including homeowners, auto and business interruption policies, to ensure they have ample coverage for natural disaster-related damages.

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