2024 confirmed as costliest year on record for weather disasters in Canada
Insurers have wracked up a total of $5.15 billion in damages so far this year, and the cost could continue to grow
2024 has been an expensive year for weather disasters across the country.
According to Catastrophe Indices and Quantification Inc. (CatIQ), the total cost of weather-related disasters in 2024 has exceeded $5.15 billion so far.
That total exceeds the record-breaking insurance total of $5.06 billion in 2016 (mainly due to the Fort McMurray, Alta., wildfires), and the year is not over yet.
This year's most expensive disaster so far is the Calgary hailstorm on Aug. 5, costing insurers a whopping $2.06 billion in incurred losses.
The storm is estimated to have caused damage to more than 35,000 buildings in northern Calgary, including the airport, where video footage showed tile falling from the ceiling and water cascading down through the roof.
RELATED: No region in Canada spared from this summer's weather afflictions
WATCH: July floods in the GTA cost nearly $1B, August floods may have been worse
Another costly storm estimated to cost close to $1 billion is the flooding in southern Ontario. Toronto, Ont., in particular, was hit with major flooding on July 16, causing damage to homes, road closures, and numerous infrastructure damages.
The devastating Jasper wildfires in July and August were also costly to insurers. The damage to homes, businesses, and infrastructure is estimated to be as high as $880 million .
It is important to note that the damage caused by severe flooding caused by Hurricane Debby's remnants in Quebec, particularly in Montreal, has not been published, yet, but is likely to be quite expensive.
WATCH: Homeowner injured in Calgary's destructive hailstorm
Header image courtesy of Mississauga Fire/@MississaugaFES. Shows flooding on July 16, 2024, on Queen Frederica Dr. in Mississauga, Ont.
