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CatIQ raises Saskatchewan, Manitoba storm industry loss estimate to CAD 923m
CatIQ attributed the increase to commercial property losses and said a further market loss update is set for December 10, 2026.
CatIQ, the catastrophe insurance data provider and subsidiary of PERILS, revised its industry loss estimate for severe storms in Saskatchewan and Manitoba, Canada, to CAD 923 million. The updated figure, released about three months after the June 9 to 10 event, increases from the initial 45-day assessment of CAD 850 million.
CatIQ said commercial property losses drove much of the growth in the estimate. The June storms included tornadoes, hail, damaging winds, torrential rain, and flash flooding, affecting tens of thousands of residents and businesses across the two provinces.
The provider’s third industry estimate includes a high-resolution breakdown of property and motor losses at the Forward Sortation Area level using CRESTA zones. CatIQ added that a fourth market loss assessment for the same outbreak will be released on December 10, 2026, six months after the event start date, with FSA-level loss data updated at that time.
In comments accompanying the release, CatIQ CEO Laura Twidle said Canada saw severe weather related loss events at an above average pace during the summer of 2026, and that the June storms marked the beginning of a ten week run of severe convective storm events reaching catastrophe thresholds each week, with flash flooding contributing to record wet conditions in some communities.