CatIQ, the independent Toronto-based organisation providing industry-wide catastrophe insurance data and a subsidiary of PERILS, has disclosed its sixth and final industry loss estimate for flooding caused by the remnants of Hurricane Debby in Ontario and Quebec between 9 and 10 August 2024, putting losses at CAD 2.8 billion.
The final loss figure provides a snapshot of the insurance market two years post-event and is stable compared with CatIQ’s one-year estimate of CAD 2,806 million, and slightly down from its six-month estimate of CAD 2.817 billion.
The loss figure covers property (both commercial and residential) and vehicle (motor) claims, including additional loss adjustment expenses.
Between 8 and 10 August 2024, the remnants of Hurricane Debby crossed through the Lower Great Lakes region. Over 100 mm of rain fell across a large area stretching from eastern Lake Ontario through Montreal and along the St. Lawrence River towards Quebec City.
The hardest-hit regions of southern Quebec recorded more than 200 mm of rainfall during the event, leading to widespread flooding and extensive flood damage.
Caroline Floyd, Director at CatIQ, commented, “In Quebec, the average personal claim shrank slightly, and the average commercial claim grew slightly. Interestingly, the average commercial claim is about the same for both major flooding events from 2024 (Southern Ontario Flash Flooding and Hurricane Debby). It is encouraging to see that at the two-year estimate the personal property claims are more than 99 percent closed with just a few outstanding. Of the big four events in 2024, Hurricane Debby is the last of the 2-year estimates to be published and has the highest percentage of the incurred closed overall.
“Hurricane Debby capped off an extremely busy catastrophe month – a month that drove annual losses for 2024 to record-breaking levels. Unsurprisingly, the Canadian insurance industry now uses 2024 as a benchmark to gauge how the latest catastrophe year is going. That said, as we have seen, it only takes one or two events to make it an active year.”
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