CatIQ, a Toronto-based independent provider of industry-wide catastrophe insurance data and a subsidiary of PERILS, has released updated insured loss estimates for two severe weather events that hit Canada in June 2026, while also confirming final loss estimates for the flooding that affected Toronto and surrounding areas on July 15-16, 2024.
Severe storms that swept through southern Saskatchewan and southern Manitoba on June 9 and 10 produced tornadoes, hail up to 10 centimeters in diameter and record rainfall, according to CatIQ.
The company’s preliminary industry loss estimate for the incident was C$728 million. CatIQ says the estimate covers commercial and residential property claims, auto claims and additional loss adjustment expenses.
CatIQ also released preliminary industry damage estimates for thunderstorms that affected Montreal’s West Island and areas south of the city on June 20 and 21.
The storm caused widespread flooding, affecting hundreds of properties, and estimated insured losses of C$409 million, the company said.
CatIQ noted that the Montreal flooding was reminiscent of the flash floods that affected Toronto and parts of southern Ontario on July 15 and 16, 2024. The company has now released the final industry loss estimate for the incident, which puts insured losses at C$890 million. CatIQ said the final figure remained broadly stable compared with the C$899 million expected a year later.
The company added that its subscriber platform provides more information about these and other Canadian disaster events, including detailed meteorological data such as hail size, rainfall totals, damage reports and related news coverage.
The company said it will release a second update on industry damage estimates for Prairie Storm and Montreal Flood 45 days after each event, in line with CatIQ’s reporting schedule. The Prairie storm update is expected to be released on July 22, 2026, and the Montreal flood update is expected to be released on August 5, 2026.
“The second quarter of 2026 started with well above average catastrophe activity in Canada, with numerous events impacting different parts of the country. Unusually, we saw multiple events directly hitting population centers, which drove a range of activity across the insurance industry,” said Laura Twidle, President and CEO of CatIQ.
Twidle added: “The summer so far has similarities to both 2023 and 2024, with 2023 seeing larger annual losses on average but with significant numbers of individual disaster events. 2024 is the deadliest year for severe weather-related losses on record in Canada. It remains to be seen what the remainder of 2026 may hold.”
