Severe weather did record damage in 2024 with more than $8b in insured losses

A new report says the cost of insured damage caused by severe weather last year hit a record high as it totalled more than $8b. "This has been a historically devastating year for Canadians," said Celyeste Power, president and CEO of the Insurance Bureau of Canada. According to Catastrophe Indices and Quantification Inc., the cost of insured damage totalled $8.55b for 2024, easily topping the previous record of $6.2b from 2016 when wildfires tore through Fort McMurray, Alta. The Insurance Bureau of Canada says the summer of 2024 stood out as the most destructive season in Canadian history for insured losses. "What we have to remember is this isn't an anomaly. It's not bad luck. This is now our new normal," said Power. The season saw $3b in damages related to a storm in Calgary that saw hailstones as big as golf balls hammer the city's airport in August, damaging aircraft and forcing airlines to ground planes for repairs and inspections. August 2024 also saw the remnants of hurricane Debby do $2.7b in insured damage as half a million residents in Quebec had their power knocked out. The Jasper wildfire caused $1.1b in insured damage in July and August. Insurers are bracing for higher losses each year, said Matt Hands, vice-president of insurance for Ratehub.ca.<br/>