📰 Curated Industry Article
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Catastrophe Indices and Quantification Inc (CatIQ), the independent Toronto-based organisation that provides industry-wide catastrophe insurance data and is a subsidiary of PERILS, has disclosed its sixth and final industry loss estimate for the hailstorm that struck Calgary, Alberta, Canada, on 5 August 2024, at around CAD 3.35bn.
This figure is broadly unchanged from CatIQ’s one-year post-event estimate of CAD 3.293bn, while representing a slight increase from the fourth estimate of CAD 3.25bn issued six months after the event.
As with previous estimates, the latest loss number covers property (both commercial and residential) and vehicle (motor) claims, including additional loss adjustment expenses.
Caroline Floyd, Director of CatIQ, commented, “Two years after Canada’s largest hail catastrophe, more than 95% of reported claims are estimated to have been resolved, up from 86% at the one-year mark. This increase is noteworthy in that it likely reflects the exceptional magnitude of the event.
“By comparison, after the 2020 Calgary hailstorm – the previous largest hail event in Canada – we observed that 90% of claims were closed at one year, and 96% at two years. So, while the 2024 event progressed more slowly through the first year, the industry has largely caught up at the two-year mark, despite handling nearly twice the claim volume of the 2020 storm.”
In addition, CatIQ has issued an initial industry loss estimate for the severe thunderstorm event that affected southern Ontario and Quebec in early July 2026, alongside its 45-day post-event update for the June 2026 flooding event that impacted Montreal’s West Island.
The thunderstorm event has an initial estimated industry loss of CAD 374m, while the flooding event is currently estimated at CAD 411m.
Floyd added, “The summer of 2026 has seen catastrophes occurring across Canada at a record pace, with 10 new events occurring in June and July.
“The current record year – 2023 – also saw 10 events in June and July, although catastrophes in July made up the bulk of that total. Notably, 2023 also saw a further nine events occur in August, on the way to recording 26 events for the year. With 14 events declared to date, it remains to be seen whether 2026 will become the most active year on record.”
The post CatIQ closes book on record 2024 Calgary hailstorm with CAD 3.35bn industry loss estimate appeared first on ReinsuranceNe.ws.
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📰 This article is sourced from a trusted insurance industry publication. Aarohi Insurance shares this for informational purposes only. Always consult a licensed advisor for personalized guidance.