CatIQ Discloses Initial Industry Loss Estimates for Severe Storms in Saskatchewan & Manitoba, Quebec Flooding; Finalizes Loss Estimate for 2024 Toronto Flooding
Toronto, July 15, 2026 – CatIQ, the independent Toronto-based organization providing industry-wide catastrophe insurance data and subsidiary of PERILS, has today disclosed its initial industry loss estimates for two severe weather events which impacted the Prairies and Montreal in June, and issued its final loss estimate for the flood event of July 15 and 16, 2024, which affected Toronto and the surrounding area.
On June 9 and 10, a severe storm outbreak generated tornadoes, hail up to 10 cm in diameter, and record-breaking rainfall amounts in southern Saskatchewan and southern Manitoba. CatIQ’s initial estimate for this event is CAD 728 million. The loss number covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses.
In addition, on June 20 and 21 a series of thunderstorms impacted Montreal’s West Island and points south of the city, flooding hundreds of properties. CatIQ’s initial estimate for this event is CAD 409 million.
The flooding in Montreal is reminiscent of the flash flooding that occurred in Toronto and across parts of southern Ontario on July 15 and 16, 2024. CatIQ has also issued the final loss estimate for this catastrophe, two years post-event, putting the figure at CAD 890 million. This figure has remained stable compared to the one-year post-event figure of CAD 899 million.
The CatIQ subscriber platform includes further data on these and other Canadian catastrophes, including detailed meteorological information including hail sizes, rainfall totals, damage reports, and news items.
In line with the reporting schedule, a second update of the market losses from both the Prairies and Montreal events will be made available 45 days post-event, with the Prairie outbreak update published on July 22, 2026 and the Montreal flooding update published on August 5, 2026.
Laura Twidle, President and CEO of CatIQ, commented: “The second quarter of 2026 started with well above-average catastrophe activity for Canada, with numerous events affecting different regions of the country. Unusually, we saw multiple events make direct hits on population centres, which drove a flurry of activity for the insurance industry.”
Twidle continued: “The summer thus far bears similarities to both 2023, which saw average annual losses but a tremendous number of individual catastrophe events, and 2024, which was the costliest year on record for severe weather-related losses in Canada. It remains to be seen which path the remainder of 2026 may follow.”
About CatIQ and PERILS
Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, is Canada’s loss and exposure indices provider, delivering detailed analytical and meteorological information on Canadian natural and human-made catastrophes. Through its online subscription-based platform, CatIQ caters to the needs of the insurance / reinsurance / ILS industries, public sector, and other stakeholders, with comprehensive insured loss and exposure indices and related information. PERILS is an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The use of CatIQ and PERILS exposure and loss data other than in conjunction with a valid License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.
More information can be found on www.catiq.com or www.perils.org
PR Contact |
Nigel Allen, +44 7988 478824, nigel.allen@allenandclapham.com