Insured damage from severe weather events in Canada totalled more than $8 billion in 2024, marking the highest annual figure on record, according to the Insurance Bureau of Canada (IBC).
The figure reflects growing financial strain on the country’s insurance sector as extreme weather becomes more frequent and severe.
Last year’s record losses were driven by a series of destructive events across multiple provinces. Wildfires in British Columbia and the Northwest Territories forced evacuations and destroyed properties, while heavy rainfall triggered widespread flooding in parts of Quebec and Atlantic Canada. In Alberta, multiple severe hailstorms added to the province’s ongoing exposure to costly weather-related claims.
According to the Canadian Climate Institute, higher global temperatures are contributing to stronger and less predictable weather systems. “Warmer global temperatures provide more energy to fuel storms, making them more powerful and less predictable,” the Institute stated. “As a result, storm-related hazards such as hail, damaging winds, and flash floods are becoming more frequent and severe in many parts of Canada.”
Heat waves are also becoming more common. In June, Ontario recorded its first prolonged period of extreme heat this summer, with humidex values exceeding 40°C in some areas. Toronto Public Health reported 42 heat-related emergency department visits during the stretch. Environment Canada is forecasting above-average temperatures for much of the country this summer.
The IBC has warned that climate-related events are driving up claims costs and placing additional pressure on premiums. The bureau has called for coordinated investments in climate adaptation, including upgraded infrastructure and risk mitigation strategies, to help reduce long-term impacts.
A recent poll conducted by INsauga.com asked readers whether they were concerned about extreme weather linked to climate change. As of June 27, 57.41% of 2,930 respondents said yes, while 42.59% said no.
