Zurich - 15 Jul 2026
CatIQ and PERILS release initial industry loss estimates for severe storms in the Canadian Prairies and Montreal Area of June 2026 and the final loss estimate for the Southern Ontario Flooding of July 2024
CatIQ and PERILS today released initial industry loss estimates for the severe storms that affected the Canadian Prairies and the Montreal Area in June 2026. They also released the final industry loss estimate for the flash flood event that impacted Southern Ontario in mid-July 2024.
On 9 and 10 June 2026, a severe storm outbreak affected southern Saskatchewan and southern Manitoba, causing significant damage across the region. The initial industry loss estimate for this event is CAD 728 million.
In addition, on 20 and 21 June 2026, a series of thunderstorms impacted the Montreal Area, resulting in widespread flooding and damage to hundreds of properties. The initial industry loss estimate for this event is CAD 409 million.
In their final loss report of the flash flooding that occurred in Toronto and across parts of southern Ontario on 15 and 16 July 2024, CatIQ and PERILS estimate that the event has cost the insurance industry a total of CAD 890 million.
These industry loss figures are based on detailed loss data collected from affected insurers and cover the property and motor lines of business.