Toronto-based Catastrophe Indices and Quantification Inc., also known as CatIQ, a subsidiary of Zurich-based PERILS AG, has published its latest estimate of industry losses incurred as a result of the July 2024 flash flooding which occurred in Toronto, Ontario.
Of note, the one-year, post-event release indicates that damage estimates are lower than a previous loss estimate released in January 2025.
The fifth industry loss estimate for the flash flooding that occurred in Southern Ontario on July 15 and 16, 2024 – delivered one year post event – puts the industry’s losses at $899-million. This is down from the fourth loss estimate of $991-million, published in January.
“The loss number covers property (both commercial and residential) and vehicle (motor) claims, including additional loss adjustment expenses. Personal property-related losses represent the majority of the figure, accounting for more than 85 per cent of the total claims and more than 75 per cent of the total loss,” they write.
Caroline Floyd, director of CatIQ discusses the figures saying “one year data shows a modest decrease in the number of personal claims but a noticeable drop in the incurred costs, along with a corresponding decrease of about nine per cent in the average personal claim size,” she states. “That suggests that, in addition to companies releasing reserve amounts, some claims may have been feeling the effects of policy and coverage limits as they’ve been resolved.”
Insurance Portal contacted the Insurance Bureau of Canada for comment on the findings, however an interview could not be arranged before deadline.
