The Insurance Bureau of Canada (IBC) has published its most recent insured damage estimate for flash flooding which occurred in Toronto between July 15 and 16, 2024.  

According to Catastrophe Indices and Quantification Inc. (CatIQ), the flash flooding is estimated to have caused more than $940-million in insured damage. The release notes that the insurance industry is also in the early stages of responding to flooding that occurred in Toronto and Montreal on the weekend and to customers impacted by the tornado which touched down in Ayr, Ontario during the same period.  

Jasper wildfire 

Pointing to the Toronto floods, flooding across Quebec, the Calgary hailstorm and the Jasper wildfire, the IBC says the simultaneous events have placed immense pressure on insurance adjuster resources. “IBC is working with government and regulators across the country to address adjuster capacity across Canada,” they state.  

The IBC also encouraged the federal government to make progress on the development of the national flood insurance program. “Governments have to make the hard choices to stop building and rebuilding on flood plans, invest in disaster mitigation, including upgrades to stormwater infrastructure, and roll out programs to fire-proof and flood-proof homes,” they state.