‘Devastating’ August flooding caused $100M in insured damage in southern Ontario

“Devastating” flooding that hit parts of southern Ontario over the course of two days in August caused more than $100 million in insured damage, the Insurance Bureau of Canada (IBC) says, citing initial estimates.

The IBC said it was the second “catastrophic” flooding event in Ontario in two months, with a July flooding event having caused more than $940 million in insured damage.

Overall, the province saw more than $1 billion in insured damage from flooding this summer, making it the second-most expensive summer for flooding in Ontario’s history, the IBC said. The Toronto flood in 2013 tops the list.

On Aug. 17 and 18 this summer, heavy rain led to “significant” damage in parts of the GTA, the IBC said. Mississauga was hard-hit.

A tornado also touched down in Ayr, Ont.

In Canada as a whole, summer 2024 was one for the record books.

“The summer of 2024 now ranks as the most destructive season in Canadian history for insured losses due to severe weather,” the IBC said.

“In only two months, July and August, this summer surpassed the worst year on record and pushed the 2024 year-to-date tally for insured damage to over $7.7 billion. By comparison, insurers paid out an average of $701 million in claims annually for severe weather losses from 2001 to 2010. Insured losses in 2024 are now valued at over 10 times that number.”

Other “catastrophic” disasters this summer were the Jasper wildfire ($880 million in insured damages), the Calgary hailstorm ($2.8 billion), and flooding in Quebec ($2.5 billion).

The IBC called on governments to do more to prepare for future possible disasters amid a changing climate.

August flooding in GTA and parts of southern Ontario caused over $100 million in insured damage – Summer floods in Ontario exceed $1 billion in insured losses: https://t.co/fhERTSEpnF #ONPoli #CDNPoli pic.twitter.com/a2L9vY7jO4

— IBC Ontario (@IBC_Ontario) October 9, 2024