Catastrophe Indices and Quantification Inc. (CatIQ) has disclosed its latest industry loss estimate for the flash flooding in southern Ontario between July 15-16, 2024, estimating CAD 991 million in insured damage.
During July 15-16, 2024, southern Ontario and Toronto, experienced severe flash flooding due to heavy rainfall exceeding 120mm in some areas, including at Toronto Pearson Airport (123 mm).
This was caused by a stationary weather system that brought moisture from the Gulf of Mexico northward.
CatIQ’s most recent estimate compares to the third loss estimate of CAD 998 million issued by the company in October 2024.
According to the announcement, Personal Property losses made up the majority of the total, accounting for 77% of the industry loss.
CatIQ’s initial estimate, published last August, was $940 million in insured damage.
Laura Twidle, President and CEO of CatIQ, commented: “July’s flash flooding was the first of four major events to impact Canada in the summer of 2024. This event is currently the tenth costliest insured catastrophe in Canada’s history, ranking just behind the devastating Toronto flooding of 2013.
“In terms of total rainfall in a single day at Toronto Pearson Airport, this event ranks the fifth highest, while the 2013 floods hold the record with 126 mm. Interestingly, while the total insured loss for each event is very similar, the average claim in Personal Property is approximately CAD 10,000 higher in 2024. This could reflect inflation and policy changes, as well as trends in the use of space in dwellings over the past decade.”
This CatIQ’s fourth estimate, six months post-event. The fifth update on the market loss from the southern Ontario flash flooding will be released on July 16, 2025, twelve months after the event concluded, in accordance with the CatIQ reporting schedule.
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