Canada's June Storms Drive $1.1 Billion in Insured Damage, Renewing Flood Risk Alerts
Event summary
- $1.1 billion in insured damage from June storms across Manitoba, Saskatchewan, and Montreal.
- $728 million from Prairie storms (June 9–10) and $409 million from Montreal flooding (June 20–21).
- Insured flood/water losses up 300% over past two decades; 39% of catastrophic claims since 2009.
- $8 billion in insured losses during record 2024 summer, with $9.4B and $2.4B in 2024/25 respectively.
The big picture
Canada's insurers are sounding alarms over escalating flood damages, now the country's costliest climate risk. With insured losses surging 300% in two decades and accounting for nearly 40% of catastrophic claims, IBC is pushing governments to modernize infrastructure and restrict high-risk development. The $1.1 billion in June storm damages underscores the urgency of adaptation as severe weather becomes more frequent and costly.
What we're watching
- Regulatory Response
- Whether governments accelerate flood-mitigation investments in infrastructure, land-use planning, and building codes.
- Insurance Affordability
- How rising flood losses impact premiums and insurer profitability amid calls for risk-reduction measures.
- Climate Adaptation
- The pace at which Canada scales home retrofit programs and consumer education on flood risks.