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CatIQ raises insured loss estimate for Ontario and Quebec storms to CAD 439m
The update, published 45 days after the June 30 to July 3, 2026 event, increases the prior CAD 374 million estimate, with commercial lines driving most of the revision.
CatIQ, the Toronto-based catastrophe insurance data provider and a subsidiary of PERILS, has lifted its second industry loss estimate for a severe thunderstorm event that affected parts of southern Ontario and southern Quebec, Canada, from June 30 to July 3, 2026. The insured loss is now estimated at CAD 439 million, according to Reinsurance News.
The second estimate was issued 45 days after the event and compares with an initial estimate of CAD 374 million. CatIQ said the majority of the upward revision is tied to losses in commercial lines.
CatIQ’s loss figure covers property claims, including both commercial and residential, as well as motor claims, and it includes additional loss adjustment expenses. In commentary accompanying the update, CatIQ linked insured losses in the broader 2026 severe convective storm season to flash flooding as a key driver, noting multiple events have been declared since June.
CatIQ also said several population centers, including Edmonton and Ottawa, have already recorded their wettest summers on record, with about a month left until the end of the season.