Insurance industry losses from the severe hailstorm that struck the Calgary area of Canada on August 5, 2024, are estimated to have reached CAD $3.29 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.This marks CatIQ’s fifth loss estimate from the event, which was issued six months after the event. making it the second-largest insurance industry loss event in the country’s history.Moreover, CatIQ also confirmed that its latest loss estimate covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses.

CatIQ explained: “Unstable atmospheric conditions on 5 August 2024 saw thunderstorms develop along the southern Alberta foothills and drift eastward with the prevailing winds.Several of these discrete storm cells produced very large hail, up to the size of baseballs in some cases.” One such storm cell moved across northern Calgary and the adjacent Strathmore, resulting in significant damage to homes and businesses.Hailstones punched holes in the vinyl siding of houses, shattered windows, and severely damaged roofs, including that of the Calgary International Airport.

The Calgary area has experienced a number of catastrophic hailstorms in recent years, including both the 2020 and 2021 hailstorms which together caused nearly CAD $2.0 billion in insured losses, respectively.“Of note is the fact that, while all three damaging storm cells impacted primarily residential areas, they each traversed different parts of the city.Damage in 2020 occurred mainly in the northeast, the 2021 storm affected primarily the southern tier, and the 2024 storm impacted the northern part of the city,” CatIQ said.

CatIQ has confirmed that a sixth market loss update from the hailstorm will be made available on August 5, 2026, two years after the event start date.Laura Twidle, President and CEO of CatIQ, commented: “This estimate update showed small growth overall, with the changes mostly due to a larger increase in incurred losses in personal lines than the reduction in auto incurred.Nearly 85% and 90% of personal and auto claims, respectively, are closed indicating that a large number of claims were closed in the last six months as both were around 60% closed at the previous update.” Adding: “So far in 2025, the industry has recorded one Calgary hailstorm which occurred on 13 July, and the estimate should go out to subscribers shortly.

This storm tracked just south of the 2024 storm, and the loss is not expected to be near last year’s event, fortunately.”.All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.