The final estimate of insured losses related to the August 5, 2024 hailstorm in Calgary has been released. Catastrophe Indices and Quantification (CatIQ) has published its sixth and final assessment, putting total insured losses at $3.349 billion.
It was the worst hailstorm in Canadian history. The losses include personal insurance claims (auto and home) as well as commercial insurance claims.
One year ago, CatIQ had estimated the damage at $3.293 billion. At that time, insurers had settled 86 per cent of the claims they had received.
The not-for-profit organization is a subsidiary of Zurich-based PERILS AG. CatIQ compiles insurers’ data on natural catastrophe losses and provides detailed breakdowns of insured losses by line of business for this type of event.
Caroline Floyd, director of CatIQ, notes that more than 95 per cent of claims had been settled two years after the event. Following another hailstorm that struck Calgary in 2020, 90 per cent of claims had been settled within the first 12 months, and 96 per cent had been closed two years after the event. Floyd points out, however, that the 2024 catastrophe generated nearly twice as many claims as the 2020 storm.
Canada Day
In its May 5 news release, CatIQ also published an initial estimate of the damage caused by torrential rainfall in the Ottawa region and southwestern Quebec between June 30 and July 3, 2026. Canada Day celebrations scheduled for July 1 in Ottawa were cancelled after approximately 120 mm of rain fell that afternoon.
The initial estimate of insured losses stands at $374 million. Two tornadoes were also observed in connection with the same weather event. CatIQ will release an updated estimate on August 17.
Montreal rainfall
The Montreal region was struck by a similar event on June 20 and 21, 2026. A combination of severe thunderstorms and a heat wave triggered torrential rainfall and widespread storm sewer overflows across the western part of the Island of Montreal, prompting outrage among affected residents.
The second damage estimate, released 45 days after the event, now stands at $411 million, a figure very close to the initial estimate issued 30 days after the event, which totalled $409 million. Another assessment will be released on September 21, 2026.
“The Summer of 2026 has seen catastrophe occurring across Canada at a record pace, with 10 new events occurring in June and July,” says Caroline Floyd. “The current record year, 2023, also saw 10 events in June and July, although catastrophes in July made 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.”
