Business property insured losses alone reached $1.7 billion in 2024 — the second-highest whole in Canada’s historical past, in response to new information by Disaster Indices and Quantification Inc. (CatIQ).
That’s roughly 15% of $8.9 billion in insured losses from 2024’s record-breaking loss 12 months, in response to the most recent figures from CatIQ’s CEO Laura Twidle.
“Hundreds of companies felt the impacts of extreme climate final 12 months. The historic quantity of injury in 2024 underscores the escalating monetary dangers Canadian companies face from catastrophic climate occasions,” says IBC’s vice chairman of technique Liam McGuinty.
Most of those business losses in 2024 occurred inside simply 24 days when wildfires, floods and hailstorms throughout Canada converged to create the nation’s highest loss 12 months and greater than 230,000 claims for the business.
Jasper, Alberta’s wildfires, which occurred between July 22 and Aug. 17, accounted for almost 40% of utmost climate losses to business property in 2024. The wildfires tallied $650 million in business losses alone. That’s out of $1.2 billion in whole losses, Twidle shares at CatIQ Join.
The remnants of Hurricane Debby, which deluged Quebec on Aug. 8, was the following highest business loss occasion at $360 million of the $2.74 billion whole losses, Twidle provides.
The Calgary hailstorm — which was Canada’s costliest loss occasion in 2024, and the second costliest loss occasion within the nation’s historical past — noticed $280 million in business losses. The Aug. 5 occasion largely battered automobiles and properties and price the business $2.9 billion.
Lastly, flash flooding in southern Ontario and Toronto on July 15 and 16, 2024 totals $190 million in business losses. The occasion flooded highways, properties and subway stations in Toronto.
When it got here to business losses, 2024 was second solely to 2016 when business losses totalled $1.9 billion, principally as a result of Fort McMurray wildfires.
Characteristic picture by iStock.com/Nirian
