Swiss Re reports $1.8B in Prairie storm losses, driven by floods

Ten extreme weather events across Alberta, Saskatchewan, and Manitoba resulted in over CAD 1.8 billion in insured damages this summer.

Initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of PERILS, indicate that heavy rain and flooding caused the majority of the destruction.

Swiss Re Canada CEO Jolee Crosby stated that a succession of floods, hailstorms, and wildfires can accumulate significant financial losses without a single major catastrophe.

The report underscores the growing frequency and severity of extreme weather events and their increasing financial impact on the regional insurance industry.