Canada’s Insured Catastrophe Losses Exceed C$2 Billion in 2021: CatIQ

January 14, 2022

Canada’s total insured catastrophe losses were C$2.04 billion (US$1.63 billion) to date, landing the year in the top five loss years for the country, according to Catastrophe Indices and Quantification Inc. (CatIQ).

Further, with 14 events incurring at least C$25 million (US$2 million) in insured losses, the year also ties for second place in terms of number of catastrophes, said CatIQ.

Western Canada bore the brunt of 2021’s losses, as fires, windstorms, and record-breaking flooding lashed British Columbia and the Prairies.

“Climate-related catastrophes in Canada are increasing in frequency and severity and impacting our communities like never before,” said Lisa Guglietti, EVP and chief operating officer, P/C Manufacturing at The Co-operators. “As an industry, we must collaborate across sectors to develop real action and proactive solutions that protect the financial security of Canadians, by focusing on preventing losses, increasing risk awareness, and investing in solutions and infrastructure that will help build long-term community resiliency.”

Toronto-based CatIQ delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. It is a subsidiary of PERILS A.G., the Zurich headquartered insurance industry organization that provides a global standard for risk aggregation zones and catastrophe industry losses.

Photograph: A truck gets swallowed up by rising floodwaters in Abbotsford, British Columbia on Monday, Nov. 29, 2021. Photo credit: Jonathan Hayward/The Canadian Press via AP.