Insured catastrophe losses in Canada reached CAN $3.1 billion for full-year 2023, putting the costly year as the fourth most expensive for the insurance industry on record, according to CatIQ.
Unlike the top three loss years, no single large event dominated insured catastrophe losses in Canada in 2023, CatIQ explained.
The most impactful events of the year, were:
- Kelowna Wildfires in British Columbia
- Ice Storm in Ontario and Quebec
- Tantallon Wildfire in Nova Scotia
- Flooding in Nova Scotia
- Severe Storms in Ontario and Quebec
- Winnipeg Hailstorm in Manitoba
