June storms cause over $1.1 billion in insured damage across Canada
Severe storms in Manitoba, Saskatchewan and Montreal caused over $1.1 billion in insured damage in June. The Insurance Bureau of Canada reported a 300% increase in flood-related losses over the last two decades and urged governments to invest in mitigation infrastructure and stronger building codes.
*this image is generated using AI for illustrative purposes only.
Severe storms in Manitoba and Saskatchewan on June 9–10 caused more than $728 million in insured damage, while flooding in Montreal and the surrounding area on June 20–21 resulted in over $409 million in losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The storms brought tornadoes, hail, damaging winds, torrential rain and flash flooding to communities across both provinces. These events highlight the growing financial and human costs of flooding across Canada, placing pressure on households, communities, insurers and governments.
The losses come just ahead of the second anniversary of the July 2024 flash flooding in Toronto and southern Ontario, which is now estimated to have caused more than $909 million in insured damage. The Toronto flood was one of several catastrophic events that contributed to a record-breaking $8 billion in insured losses during the 2024 summer of catastrophe, the costliest season for severe weather losses in Canadian history. Insurers faced record losses in recent years, including $2.4 billion in 2025 and $9.4 billion in 2024.
Rising Flood Costs
Over the last 20 years, flood and water-related insured losses have increased more than 300% compared to the previous two decades. In recent years, flood and water-related events have accounted for 39% of insured catastrophic losses. Since 2009, insurers have paid an average of over $2 billion per year in catastrophic weather-related claims.
| Event | Date | Insured Damage |
|---|---|---|
| Manitoba and Saskatchewan storms | June 9–10 | More than $728 million |
| Montreal flooding | June 20–21 | More than $409 million |
| Toronto and southern Ontario flooding | July 2024 | More than $909 million |
Call for Government Action
To meaningfully reduce flood losses and help keep insurance affordable, the Insurance Bureau of Canada (IBC) is calling on governments to accelerate action in key areas. These include building new homes away from high-risk flood plains, investing in modernizing wastewater and stormwater infrastructure, and scaling up home retrofit programs. IBC also recommends strengthening building codes and construction standards to ensure new homes are built with flood-resilient features.
"Flooding is Canada's costliest and most pervasive climate risk," said Liam McGuinty, Vice-President, Federal Affairs at IBC. "But insurance alone cannot solve Canada's flood problem. We need all orders of government to accelerate investments in adaptation and flood-risk reduction to better protect Canadians and build more resilient communities."
How will the record-breaking insured losses of 2024 and 2025 impact premium pricing for Canadian homeowners in the coming year?
What specific legislative changes are governments expected to implement to enforce building codes for flood-resilient construction?
Will the frequency and severity of these catastrophic events force insurers to withdraw coverage from high-risk flood plains?
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