CatIQ reduces loss estimate for Hurricane Debby floods in Ontario & Quebec to C$2.80bn

CatIQ, the Toronto-based independent catastrophe insurance data provider and a subsidiary of PERILS, has estimated the one-year industry loss caused by the flooding related to the remnants of Hurricane Debby that affected Ontario and Quebec between August 9th and 10th, 2024, to be CAD $2.806 billion.

This marks CatIQ’s fifth loss estimate from the event and is slightly down from the organisation’s fourth loss estimate of $2.817 billion, which was issued six months after the event.

However, this latest estimate is still an increase from CatIQ’s third loss estimate of $2.76 billion, which was issued 90 days after the event took place.

CatIQ also confirmed that this latest loss estimate covers property (both commercial and residential) and vehicle (motor) claims.

The remnants of Hurricane Debby crossed through the Lower Great Lakes region between August 8 and 10, 2024.

More than 100 mm of rain was recorded over a vast area extending from eastern Lake Ontario, through Montreal, and along the St. Lawrence River towards Quebec City.

The area’s most severely affected in southern Quebec experienced over 200 mm of rainfall during this event, which resulted in widespread flooding and significant flood damage.

CatIQ has confirmed that it will release a sixth and final update on the market loss from the remnants of Debby, which will be made available on August 11, 2026, two years after the event end date.

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 added: “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.”