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CatIQ sets final Hurricane Debby flood losses at CAD 2.8bn in Ontario, Quebec
CatIQ said the final estimate is stable versus its one-year figure of CAD 2,806.0 million, and it covers property and vehicle claims plus additional loss adjustment expenses.
CatIQ has issued its sixth and final industry loss estimate for flooding in Ontario and Quebec caused by the remnants of Hurricane Debby, placing total losses at CAD 2.8 billion for the Aug. 9 to 10, 2024 event.
The estimate covers both property claims, including commercial and residential, and vehicle, or motor, claims, as well as additional loss adjustment expenses. CatIQ said more than 100 mm of rain fell across an area stretching from eastern Lake Ontario through Montreal and along the St. Lawrence River toward Quebec City, while southern Quebec saw more than 200 mm.
CatIQ noted that the final figure is stable compared with its one-year estimate of CAD 2,806.0 million and slightly lower than its six-month estimate of CAD 2.817 billion. In its commentary, CatIQ said personal claim averages in Quebec shrank slightly, while average commercial claim values grew slightly.
Caroline Floyd, Director at CatIQ, said personal property claims are more than 99 percent closed at the two-year point, with only a few outstanding. She also characterized Hurricane Debby as the last of CatIQ’s 2-year estimates to be published for the four major 2024 events, and said it has the highest percentage of incurred closed overall.