CatIQ's final estimate for the 2024 Calgary hailstorm holds at CAD 3.35bn, with 95% of claims resolved. New estimates for July 2026 storms and June flooding in Quebec also released.
Alpha Score of 39 reflects weak overall profile with weak momentum, poor value, weak quality, weak sentiment.
Catastrophe Indices and Quantification Inc (CatIQ), the Toronto-based data provider and PERILS subsidiary, has issued its sixth and final industry loss estimate for the hailstorm that hit Calgary, Alberta on 5 August 2024. The figure stands at roughly CAD 3.35bn, broadly unchanged from the CAD 3.293bn estimate issued a year after the event and slightly above the CAD 3.25bn reported six months out.
The loss covers property claims, both commercial and residential, plus motor vehicle damage and additional loss adjustment expenses.
Caroline Floyd, Director of CatIQ, said that more than 95% of reported claims from the storm are now estimated to be resolved, up from 86% at the one-year mark. "This increase is noteworthy in that it likely reflects the exceptional magnitude of the event," she said. "By comparison, after the 2020 Calgary hailstorm, the previous largest hail event in Canada, we observed that 90% of claims were closed at one year, and 96% at two years. So, while the 2024 event progressed more slowly through the first year, the industry has largely caught up at the two-year mark, despite handling nearly twice the claim volume of the 2020 storm."
The 2024 Calgary storm is the costliest hail catastrophe on record in Canada, surpassing the CAD 1.1bn insured loss from the 2020 event, according to CatIQ data.
Alongside the final Calgary estimate, CatIQ released an initial industry loss figure for the severe thunderstorm that affected southern Ontario and Quebec in early July 2026, pegging it at CAD 374m. The firm also updated its estimate for the June 2026 flooding in Montreal's West Island to CAD 411m.
Floyd noted that the summer of 2026 has seen catastrophes across Canada at a record pace, with 10 new events declared in June and July alone. The current record year, 2023, also saw 10 events in those two months, though July accounted for the bulk. That year went on to record 26 events in total. With 14 events declared so far in 2026, Floyd said it remains uncertain whether the year will surpass that mark.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.