In a tumultuous yr marked by a rare surge in catastrophic occasions, Canada grappled with insured losses totaling a staggering CAN $3.1 billion in 2023, as reported by CatIQ.
The prime loss years, adjusted for inflation, embrace 2016 with CAN $5.9 billion, 2013 with CAN $3.8 billion, and 2022 with CAN $3.4 billion, adopted carefully by 2023 with CAN $3.1 billion in insured catastrophic losses.
A record-breaking 23 occasions generated insured losses exceeding CAN $30 million through the 12-month interval, emphasising the severity and frequency of the disasters that befell the nation.
Notably, the exceptionally energetic wildfire season led to the first-ever disaster declaration within the territories, including to the challenges confronted by communities throughout Canada.
The most impactful occasions of 2023 included the Kelowna Wildfires in British Columbia, an Ice Storm in Ontario and Quebec, the Tantallon Wildfire in Nova Scotia, Flooding in Nova Scotia, Severe Storms in Ontario and Quebec, and the Winnipeg Hailstorm in Manitoba.
These incidents collectively showcased the breadth and depth of the catastrophes skilled nationwide.
Laura Twidle, President and CEO of CatIQ, remarked, “Last year was one for the record books – not in terms of the overall insured losses, but rather the total number of catastrophes which occurred during the period.”
Twidle highlighted a regarding development, noting that July and August alone witnessed extra catastrophes than Canada had beforehand skilled in a complete yr.
As the nation grapples with a rise in extreme occasions, Twidle careworn the rising significance of collaboration throughout sectors to successfully mitigate the impacts of such catastrophic occurrences.
