Last year's destructive severe weather not only took its toll on homeowners but, as data from Catastrophe Indices and Quantification Inc. (CatIQ) shows, insured losses to commercial properties reached the second-highest total in Canadian history at over $1.7 billion. The vast majority of commercial losses in 2024 occurred over the course of 24 days during the summer, when wildfires, floods and hailstorms ravaged communities across the country. The Municipality of Jasper, Alberta, was hit the hardest and accounted for nearly 40% of extreme weather losses to commercial property in 2024.
"Thousands of businesses felt the impacts of severe weather last year. The historic amount of damage in 2024 underscores the escalating financial risks Canadian businesses face from catastrophic weather events," said Liam McGuinty, Vice-President, Strategy, Insurance Bureau of Canada (IBC). "Canada's insurers have been on the ground since these events took place and continue to assist businesses across the country with financial support and navigating the recovery process. These severe weather events have caused not only physical damage, but have also disrupted business operations, supply chains and the flow of goods and services in the Canadian economy. Recovery will take time, and insurers will be there every step of the way."
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