New information from Catastrophe Indices and Quantification Inc. (CatIQ) puts the cost of Calgary’s 2024 hailstorm at $3.29-billion, according to CatIQ’s fifth loss estimate, published one year following the event. The loss figure covers both commercial and residential property and motor vehicle claims, including additional loss adjustment expenses, they state.
The figure is slightly increased over the fourth loss estimate issued six months after the event. “This estimate update showed small growth overall, with the changes mostly due to a larger increase in incurred losses in personal lines than the reduction in auto incurred,” says Laura Twidle, president and CEO of CatIQ. “Nearly 85 per cent and 95 per cent of personal and auto claims, respectively, are closed, indicating that a large number of claims were closed in the last six months, as both were around 60 per cent closed at the previous update.”
A sixth update of the market loss will be made available on August 5, 2026, two years after the event.
Home retrofits
The Insurance Bureau of Canada (IBC) also noted the event’s anniversary by calling on governments to revive Calgary’s resilient roofing rebate program, mandate the use of hail-resistant roofing and siding in high-risk areas and improve hail notification services.
More broadly and across Canada, it repeats the association’s message that construction should be halted in high-risk flood and wildfire zones. Governments are also asked to help homeowners understand the specific risks they face in their areas and subsidize home retrofits which reduce exposure to floods and wildfires.
Finally, the association is advocating for Canada to develop a federal coordinating agency to lead emergency preparedness and recovery efforts. This, they say, is necessary to ensure communities are not left to develop their own response plans from scratch after every event. “Every other G7 country has an agency operating in this capacity – it’s time for Canada to follow suit and take on a proactive approach to emergency management.”
