CatIQ, a provider of industry-wide catastrophe insurance data and a subsidiary of PERILS, has released its fifth industry loss estimate for the extensive flooding in Ontario and Quebec caused by the remnants of Hurricane Debby between 9 and 10 August 2024.
The fifth estimate, which provides a snapshot of the insurance market one-year post-event, is CAD 2,806 million.
This figure represents a very slight decrease compared to the fourth estimate of CAD 2,817 million, released six months post-event.
The loss figure covers claims for property (both commercial and residential) and vehicle (motor).
In its updated loss report, the independent Toronto-based organisation provides a detailed breakdown of property and motor losses by FSA. CatIQ subscribers also have access to detailed meteorological information, including rainfall totals, damage reports, news items, and images of damage caused by the event.
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The sixth and final market loss update for Hurricane Debby’s remnants will be released on August 11, 2026, two years after the event, in accordance with the reporting schedule.
Hurricane Debby, which began as a tropical depression on August 1, 2024, passed over the western Caribbean and southeastern US before being caught by a large atmospheric trough on August 7.
This trough directed the post-tropical cyclone toward the Great Lakes, bringing significant rainfall to eastern Ontario and southern Quebec.
Between August 8 and 10, over 100 mm of rain fell across a wide region from eastern Lake Ontario, through Montreal, and along the St. Lawrence River toward Quebec City. The hardest-hit areas in southern Quebec experienced more than 200 mm of rain, leading to widespread flooding and significant flood damage.
Caroline Floyd, Director at CatIQ, commented: “Flooding from the remnants of Storm Debby capped off an historic month in Canadian catastrophe history, which saw insured losses surge by tens of thousands of claims and billions of dollars.
“Similar remnant storms in southern Ontario and Quebec have generated significant losses in the past, but Debby’s extreme rainfall totals drove losses that eclipsed not only all other such storms but also made this event the third most costly on record for Canada. Storm Debby remains the most impactful insured loss event on record for Quebec, even when losses from the 1998 Ice Storm are adjusted for inflation.”
Floyd, continued: “The one-year estimate continues to tell the story of significant impacts in Quebec, with only a slight increase in the number of personal and commercial property damage claims.
“At the same time, we note a slight lowering of the average claim for both lines of business, suggesting some claims may be running up against coverage limits as they are resolved. Indeed, more than 95% of personal property claims are reported as closed at the one-year mark; significantly ahead of 2024’s other large catastrophes.”
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