Commercial property insured losses alone reached $1.7 billion in 2024 — the second-highest total in Canada’s history, according to new data by Catastrophe Indices and Quantification Inc. (CatIQ).  

That’s approximately 15% of $8.9 billion in insured losses from 2024’s record-breaking loss year, according to the latest figures from CatIQ’s CEO Laura Twidle. 

“Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events,” says IBC’s vice president of strategy Liam McGuinty. 

Most of these commercial losses in 2024 occurred within just 24 days when wildfires, floods and hailstorms across Canada converged to create the country’s highest loss year and more than 230,000 claims for the industry.  

Jasper, Alberta’s wildfires, which occurred between July 22 and Aug. 17, accounted for nearly 40% of extreme weather losses to commercial property in 2024. The wildfires tallied $650 million in commercial losses alone. That’s out of $1.2 billion in total losses, Twidle shares at CatIQ Connect. 

The remnants of Hurricane Debby, which deluged Quebec on Aug. 8, was the next highest commercial loss event at $360 million of the $2.74 billion total losses, Twidle adds.  

The Calgary hailstorm — which was Canada’s costliest loss event in 2024, and the second costliest loss event in the country’s history — saw $280 million in commercial losses. The Aug. 5 event largely battered cars and properties and cost the industry $2.9 billion.  

Finally, flash flooding in southern Ontario and Toronto on July 15 and 16, 2024 totals $190 million in commercial losses. The event flooded highways, properties and subway stations in Toronto.  

When it came to commercial losses, 2024 was second only to 2016 when commercial losses totalled $1.9 billion, mostly due to the Fort McMurray wildfires. 

 

Feature image by iStock.com/Nirian