Canadian Insured Losses from Catastrophic Events In 2022 Surpass $3 Billion

Toronto, ON (Jan. 19, 2023) – Last year ended with a bang, with the east and west each recording their own catastrophe in the final week. The pair of events pushed the Canadian insured catastrophic losses over $3 billion, a mark that hasn’t been reached since 2016 when a wildfire devastated Fort McMurray, AB.

The 2022 total insured catastrophic loss of $3.1 billion lands the year in the top three loss years for the country. There were 15 events which incurred at least $30 million in insured losses and, notably, two events made up a substantial portion of the overall industry total – the May 21 derecho in Ontario and Quebec ($1 billion) and Hurricane Fiona in Atlantic Canada in September ($800 million).

Laura Twidle, President and CEO of CatIQ said, “There was an unprecedented number of catastrophes in 2022, including now two of the top ten events in Canadian history. As our exposure and severe weather frequency increase, we all must come together to find unique solutions to mitigate the impacts to extreme events.”

These catastrophic events, which directly impact the public, require industry, academia and government to work together before, during and afterwards. In addition to its role as Canada’s loss and exposure indices provider, Catastrophe Indices and Quantification Inc. (CatIQ), in partnership with MSA Research, organizes a conference to foster such collaboration in Canada.

CatIQ Connect – Canada’s Catastrophe Conference – returns to the Metro Toronto Convention Centre in 2023 on February 7 and 8. Learn more at https://connect.catiq.com.

About CatIQ

Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich- based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, public sector and other stakeholders. www.catiq.com. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. CatIQ also partners with MSA Research to host the Canadian catastrophe conference, CatIQ Connect.

Source: Catastrophe Indices and Quantification Inc. (CatIQ)

Tags: CatIQ, Natural Catastrophes, natural disaster losses