A severe hailstorm that struck the Calgary area in early August 2024 has resulted in almost $2.8 billion in insured damages, making it the second-costliest weather event in Canada’s history, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The storm, which hit on August 5, saw Calgary residents facing widespread damage from hail the size of chicken eggs, heavy rain, and strong winds, causing significant damage to homes, vehicles, and businesses.It also damaged numerous WestJet aircraft at the Calgary airport."Catastrophic weather has hit our province hard this year, and the impact on Calgary residents from this summer’s hailstorm is unprecedented,” said Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC).“Alberta’s insurers are on the ground assisting customers, processing over 130,000 claims from the hailstorm. Rebuilding will take time, but the insurance industry is committed to supporting impacted communities every step of the way."The August storm is part of a growing trend of extreme weather events in Alberta, which has seen five of Canada’s top 10 costliest natural disasters since 2016. The 2016 Fort McMurray wildfire remains the costliest insured event in Canadian history. Calgary, in particular, has experienced several devastating hailstorms in recent years, including storms in 2020 and 2021 that caused $1.2 billion and $700 million in damage, respectively.Across Canada, this summer has been marked by severe weather, with approximately 228,000 insurance claims related to four major catastrophic events, representing a 406% increase compared to the previous 20-year average. In addition to the Calgary hailstorm, the Jasper wildfire caused over $880 million in insured damage, contributing to more than $3.6 billion in weather-related claims in Alberta this year alone. Nationwide, insurers have also been addressing claims from flooding in Toronto and Quebec.Craig Stewart, Vice-President, Climate Change and Federal Issues at IBC, criticized the government’s slow response to the increasing frequency and severity of natural disasters:“Insurers paid out more in claims for this one hail event than the federal government has invested in climate adaptation over the past decade. The surging frequency and severity of floods, wildfires, hail, and windstorms represent an escalating threat to lives and property across Canada. Governments need to enact meaningful measures to help Canadians prepare," he said.Stewart emphasized the importance of improving building codes and retrofitting homes with hail-resistant materials in high-risk areas, as well as better early-warning systems. He also called for stronger provincial and federal programs to help families and businesses become more resilient against future extreme weather events.The Insurance Bureau of Canada continues to engage with government officials at both the federal and provincial levels, pushing for increased investments in climate adaptation programs. As extreme weather events become more frequent, insured losses from these disasters routinely exceed $2 billion annually, a sharp increase compared to the average $701 million per year between 2001 and 2010.
A severe hailstorm that struck the Calgary area in early August 2024 has resulted in almost $2.8 billion in insured damages, making it the second-costliest weather event in Canada’s history, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The storm, which hit on August 5, saw Calgary residents facing widespread damage from hail the size of chicken eggs, heavy rain, and strong winds, causing significant damage to homes, vehicles, and businesses.It also damaged numerous WestJet aircraft at the Calgary airport."Catastrophic weather has hit our province hard this year, and the impact on Calgary residents from this summer’s hailstorm is unprecedented,” said Aaron Sutherland, Vice-President, Western and Pacific, Insurance Bureau of Canada (IBC).“Alberta’s insurers are on the ground assisting customers, processing over 130,000 claims from the hailstorm. Rebuilding will take time, but the insurance industry is committed to supporting impacted communities every step of the way."The August storm is part of a growing trend of extreme weather events in Alberta, which has seen five of Canada’s top 10 costliest natural disasters since 2016. The 2016 Fort McMurray wildfire remains the costliest insured event in Canadian history. Calgary, in particular, has experienced several devastating hailstorms in recent years, including storms in 2020 and 2021 that caused $1.2 billion and $700 million in damage, respectively.Across Canada, this summer has been marked by severe weather, with approximately 228,000 insurance claims related to four major catastrophic events, representing a 406% increase compared to the previous 20-year average. In addition to the Calgary hailstorm, the Jasper wildfire caused over $880 million in insured damage, contributing to more than $3.6 billion in weather-related claims in Alberta this year alone. Nationwide, insurers have also been addressing claims from flooding in Toronto and Quebec.Craig Stewart, Vice-President, Climate Change and Federal Issues at IBC, criticized the government’s slow response to the increasing frequency and severity of natural disasters:“Insurers paid out more in claims for this one hail event than the federal government has invested in climate adaptation over the past decade. The surging frequency and severity of floods, wildfires, hail, and windstorms represent an escalating threat to lives and property across Canada. Governments need to enact meaningful measures to help Canadians prepare," he said.Stewart emphasized the importance of improving building codes and retrofitting homes with hail-resistant materials in high-risk areas, as well as better early-warning systems. He also called for stronger provincial and federal programs to help families and businesses become more resilient against future extreme weather events.The Insurance Bureau of Canada continues to engage with government officials at both the federal and provincial levels, pushing for increased investments in climate adaptation programs. As extreme weather events become more frequent, insured losses from these disasters routinely exceed $2 billion annually, a sharp increase compared to the average $701 million per year between 2001 and 2010.
