Record losses
Since 2009, Canadian insurers have paid nearly $2 billion per year on average in catastrophic weather-related claims, up sharply from approximately $400 million annually between 1983 and 2008. Annual insured losses have reached unprecedented levels in recent years, including $3.4 billion in 2022 and $9.4 billion in 2024, the highest figure ever recorded. Four of the last five years now rank among the 10 costliest on record for insured catastrophe losses in Canada.