Industry and company-level reporting note that insured loss numbers in 2026 are being driven higher by severe weather which pummeled parts of Ontario and Quebec over the summer.
In the company’s 90-day post event report concerning severe thunderstorms which affected parts of southern Ontario and southern Quebec between June 30 and July 3, 2026, Catastrophe Indices and Quantification Inc. (CatIQ) puts the industry’s loss estimate at $491 million for that event. This is up from the firm’s 45-day estimate of $439 million. They say the majority of the growth has occurred in residential lines of business.
The company notes that the loss number covers property and vehicle claims, including additional loss adjustment expenses.
In the same announcement, CatIQ also provided an update on the Bald Range Fire which impacted Summerland, British Columbia in August 2026. The 45-day post-event estimate came in at $293 million, down from the initial estimate of $313 million.
The next update concerning the Ontario-Quebec storm estimate is expected in early January 2027. The Bald Range Fire estimate, however, falls below the firm’s reporting threshold.
The storm’s impact was also noted the same day by companies releasing estimates of the financial impact from catastrophe losses on third quarter 2026 results.
Definity Financial Corporation noted in an announcement that catastrophe losses in the third quarter of 2026 would negatively impact underwriting income by approximately $190 million, net of reinsurance recoveries. In addition to the summer storms noted by CatIQ, Definity’s announcement also includes a discussion about early September storms which brought wind, hail and flooding to parts of southern Ontario.
Intact Financial Corporation’s announcement, meanwhile, estimates that total catastrophe losses for the company in the third quarter of 2026 were approximately $660 million. “While the third quarter is historically an active period for weather events, over the past 12 months, catastrophe losses totaled $1.29 billion, modestly above our annual guidance of $1.20 billion,” Intact’s chief financial officer, Ken Anderson said in a statement. The company’s CEO, Charles Brindamour additionally noted that at an industry level, the events reinforce firm market conditions.
