Canada's Most Destructive Summer Costs $7 Billion in Insured Losses

Severe weather events in 2024 lead to unprecedented insurance claims, urging government action on climate change.

The Insurance Bureau of Canada reports $7 billion in insured losses from summer 2024, the highest on record.
This surpasses the $6.2 billion cost of the 2016 Fort McMurray wildfire, previously the most expensive disaster.
Approximately 228,000 insurance claims were filed, a 406% increase compared to the two-decade average.
Major events include wildfires in Jasper, flooding in Southern Ontario and Quebec, and a hailstorm in Calgary.
The IBC calls for urgent government collaboration to address climate change and enhance disaster risk reduction.