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Canada recorded one of its worst years for weather losses in 2022

No single event accounted for a majority of the losses seen during the past year, but disasters were seen across the country.

The Insurance Bureau of Canada reported that losses stemming from extreme weather now regularly hit $2 billion or more annually. During the decade prior to 2008, Canadian insurers average CA$456 million a year in severe weather-related losses. (Credit: niroworld/Shutterstock) The Insurance Bureau of Canada reported that losses stemming from extreme weather now regularly hit $2 billion or more annually. During the decade prior to 2008, Canadian insurers averaged CA$456 million a year in severe weather-related losses. (Credit: niroworld/Shutterstock)

Canada experienced its third worst year on record for severe weather damages in 2022, according to the Insurance Bureau of Canada (IBC), which reported losses totaled $3.1 billion Canadian dollars ($2.2 billion).

The IBC noted that no single natural catastrophe accounted for a majority of the losses seen during the past year, but disasters were seen across the country.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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