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Canadian Prairies face CAD 1.8B in insured losses from extreme summer weather
CatIQ estimates 2026’s flooding drove most losses, with tornadoes, hail and damaging winds also behind large claim totals across Saskatchewan and Manitoba.
Initial estimates from Catastrophe Indices and Quantification Inc., or CatIQ, put insured damages from 10 extreme weather events this summer across Alberta, Saskatchewan and Manitoba at more than CAD 1.8 billion. Reinsurance News said CatIQ expects heavy rain and flooding to account for the majority of the damage this year, after noting that wind, hailstorms and wildfires have historically been the costliest risks in the Prairies during summer.
According to the Insurance Bureau of Canada, storms affecting Saskatchewan and Manitoba on June 9 and 10 generated insured losses of over CAD 900 million, as tornadoes, hail, damaging winds, torrential rain and flash flooding impacted tens of thousands of residents and businesses. The outlet also tied additional losses to a July 4 to 6 thunderstorm period that stretched from Alberta to Ontario, bringing insured losses of over CAD 270 million.
Reinsurance News reported that more than CAD 160 million in insured losses stemmed from floods in central Alberta and a slow moving storm that crossed the Prairies and caused extensive flooding in Alberta, Saskatchewan and Manitoba. It added that a two day severe weather outbreak in Alberta and Saskatchewan produced rain, hail and ten tornadoes for insured losses of over CAD 140 million, while prolonged central Alberta rainfall from May 31 to June 2 added over CAD 80 million.
In remarks cited by the outlet, Aaron Sutherland, vice president for Pacific and Western at the IBC, said the Prairies have again been hit hard by extreme weather, with floods, hailstorms and tornadoes causing extensive damage to homes and businesses. He also argued that rising frequency, severity and financial cost are forcing insurers to rethink how communities can be better protected.