The Insurance Bureau of Canada (IBC) is warning that processing the July and August claims resulting from natural disasters across the country during those months will take time due to the sheer volume of claims being received by the industry.  

“Canada's home, auto and business insurers are reporting the most challenging summer on record for damage from weather events and natural disasters. The flooding in Toronto and other parts of southern Ontario, the Jasper wildfire, the Calgary hailstorm and flooding in regions of Quebec, have resulted in approximately 228,000 insurance claims. In comparison, last year, insurers reported 113,000 claims in July and August and 160,000 claims for the entire year,” the IBC writes in a statement about the record numbers.  

They add that 228,000 claims is a 406 per cent increase over the previous 20-year average.  

Catastrophic weather events 

"These four catastrophic weather events, which occurred over the span of four weeks this summer, have resulted in more claims in one summer than insurers have reported in any summer over the last 20 years. While insurers continue to assist their customers with financial support, the sheer volume of claims, coupled with skilled labour shortages and continued strains in Canada's supply chain, means that the claims process will take time,” adds IBC’s president and CEO, Celyeste Power. 

She also reiterates the IBC’s call for the government to commit resources to launch the National Flood Insurance Program for high-risk households. “This is the single, most important step the government can take to better protect homeowners from the financial risks of climate change.” 

The IBC is also calling for the government to make choices that stop building and rebuilding on flood plains and in areas prone to wildfire.  

All told, the IBC says severe weather caused more than $3.1-billion in insured damages across Canada in 2023. “Following these four significant events, 2024 is shaping up to be another costly year,” they state.