CatIQ puts Hurricane Debby loss estimate at C$2.8B
CatIQ, the Toronto-based independent catastrophe insurance data provider, has published a final insurance industry loss estimate of CAD $2.80 billion from the severe flooding generated by the remnants of Hurricane Debby that impacted Ontario and Quebec between August 9th and 10th, 2024.
The final loss estimate is down from CatIQ’s fourth loss estimate of $2.817 billion. However, this figure is still an increase from CatIQ’s third loss estimate of $2.76 billion, which was issued 90 days after the event took place.
In addition, CatIQ confirmed that its sixth and final 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 8th and 10th, 2024. CatIQ explained that more than 100 mm of rain fell across a large area from eastern Lake Ontario, through Montreal, and along the St. Lawrence River toward Quebec City.
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The company noted that the hardest-hit regions of southern Quebec experienced rainfall exceeding 200 mm during this event, resulting in significant flooding and considerable flood-related damage.
In Quebec, the average personal claim shrank slightly, and the average commercial claim grew slightly. The average commercial claim is about the same for both major flooding events from 2024 (Southern Ontario Flash Flooding and Hurricane Debby).
“It is encouraging to see that at the two-year estimate the personal property claims are more than 99 percent closed with just a few outstanding,” said Caroline Floyd, Director at CatIQ. “Of the big four events in 2024, Hurricane Debby is the last of the 2-year estimates to be published and has the highest percentage of the incurred closed overall.”
Floyd added that “Hurricane Debby capped off an extremely busy catastrophe month – a month that drove annual losses for 2024 to record-breaking levels. Unsurprisingly, the Canadian insurance industry now uses 2024 as a benchmark to gauge how the latest catastrophe year is going. That said, as we have seen, it only takes one or two events to make it an active year.”
