Insured losses in Canada topped $C3.1 billion ($3.54 billion) last year, making it the country’s fourth costliest year, according to Perils subsidy Catastrophe Indices and Quantification (CatIQ). 

A record 23 events generated more than $C30 million ($34.21 million) of insured losses, most notably the Kelowna wildfires in British Columbia – the costliest event in the country last year and in the province’s history, with $C720 million ($821.11 million) in recorded losses. 

Ice storms in April and summer storms across Quebec and Ontario caused losses of $C330 million ($376.34 million) and $C340 million ($387.75 million) respectively, and floods in Nova Scotia accounted for $C170 million ($193.87 million). 

Last year’s insured losses were lower than 2022’s total of $C3.4 billion ($3.88 billion), and considerably below the record loss in 2016, which was $C5.9 billion ($6.73 billion). But CatIQ says the frequency of major events is concerning. 

“Last year was one for the record books – not in terms of the overall insured losses, but rather the total number of catastrophes,” President and CEO Laura Twidle said. 

“In July and August, there were more catastrophes than Canada has previously seen in an entire year. The country is experiencing the increase in severe events first-hand, and collaboration across sectors is becoming more important to mitigate the impacts.”