5
Canada’s P&C insurance
industry, all sectors
6 Industry at a glance
8 Premiums
10 Insurance revenue dollar
11 Claims
12 Taxes and levies
14 Operating expenses
15 Catastrophic losses
27 Regulation and regulatory issues
SECTION 1
6IBC 2023 FACTS
INDUSTRY AT A GLANCE
SECTION 1
Of its $232
BILLION in total assets,
the P&C insurance industry had $152
billion in invested assets in 2022
38% of direct written
premiums were for car
insurance in 2022
In 2022, Canadian insurers
wrote $83 BILLION in
direct written premiums for
insurance on consumers’
homes, cars and businesses
In 2022, P&C insurers have
supported $42 BILLION
annually in claims
$13 BILLION – the amount
the P&C insurance industry
contributed in taxes and
levies to federal and provincial
governments in 2021
The P&C insurance industry
employed approximately
140,500 people across
Canada in 2022
Source: IBC analysis with data from MSA Research Inc., SCOR, AMF
7IBC 2023 FACTS
INDUSTRY AT A GLANCE
SECTION 1
Property claims as a percentage of
total claims HAVE RISEN over the
last decade.
More than 196
private P&C
insurers actively compete in
Canada
New reporting standard: IFRS 17
This is the last time that the Facts Book will present industry results using International Financial Reporting
Standard (IFRS) 4.
IFRS 17 for Insurance Contracts took eect on January 1, 2023, and is intended to bring new levels of
transparency about insurers’ underwriting and investment activities and give users more insight than ever
before on the nancial health of insurers. As a result of this change, most of the metrics in this edition of
the Facts Book, which is based on 2022 data, will not be comparable to 2023 data. Benchmarks will need a
few years of reporting under IFRS 17 to make accurate comparisons.
Sources: IBC, MSA
20%
25%
30%
35%
40%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
39.3%
28.3%
2022
8
PREMIUMS
SECTION 1
Insurance premiums are determined based on risk. Insurers consider the likelihood of a
customer (or a group of customers with a similar set of circumstances) making a claim, and
how much those claims will likely cost.
The price for premiums is based, in part, on an insurer’s best estimate of the amount it will
be required to pay out in claims on the policies it writes in any given year. Insurers pool the
premiums of their many policyholders to cover the losses claimed by the few in that year.
Along with covering claim costs, premiums are calculated to cover taxes, operating expenses
and expected prots.
The requirement to estimate future costs is a unique
challenge in the insurance business. Most businesses can
calculate the actual costs of producing and selling a product
before the selling price is determined. However, when setting
premiums, P&C insurance companies can only estimate the
costs of the medical treatments, car repairs or house repairs
they will have to pay in the future.
Consumers often find this confusing and are unsure about
what a premium represents. Many think of their premiums as
a bank account that is there just for them in case of a loss. But
that’s not how it works.
Insurance companies report premiums in two ways. Direct
written premiums are the total amount of premiums that
a P&C insurance company receives in one year. Net written
premiums are direct written premiums minus the net cost of
reinsurance purchased by the insurer.
There are more than 196 private P&C insurers actively
competing in Canada to sell insurance policies on homes,
cars and businesses.
In 2022, private Canadian insurers wrote $83.2 billion in direct
written premiums ($61.8 billion in net written premiums) for
insurance on consumers’ homes, cars and businesses.
NET WRITTEN PREMIUMS (NWP) IN $000,000, 2010 TO 2022
AUTO
NWP
PERSONAL
PROPERTY NWP
COMMERCIAL
PROPERTY NWP
LIABILITY
NWP
OTHER
NWP
TOTAL
NWP
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
18,977
20,239
20,690
21,089
21,295
20,630
21,293
20,626
23,812
24,105
26,846
27,225
26,526
7,598
8,192
8,565
9,024
9,791
10,187
10,663
11,226
11,976
12,419
13,712
14,385
14,836
5,568
6,014
6,136
6,339
6,621
6,656
6,704
6,941
7,638
8,111
9,654
10,982
11,892
4,726
4,817
4,502
4,731
4,781
4,988
4,907
5,029
5,484
5,622
6,633
8,105
8,344
3,416
3,533
3,758
3,823
4,143
4,547
4,494
4,645
5,036
5,368
5,671
6,506
6,521
40,285
42,794
43,653
45,007
46,632
47,009
48,062
48,466
53,945
55,625
62,515
67,202
68,118
DIRECT WRITTEN PREMIUMS (DWP) BY LINE, 2022
Total auto
Auto – Private passenger
Personal property
Commercial property
Liability
Specialized
Accident and sickness
Total business
31,357
25,263
17,378
15,046
11,531
6,031
1,866
83,209
38%
30%
21%
18%
14%
7%
2%
100%
DWP IN
$000,000
DWP AS % OF
TOTAL BUSINESS
LINE OF
BUSINESS
NET WRITTEN PREMIUMS (NWP) BY LINE, 2022
Total auto
Auto – Private passenger
Personal property
Commercial property
Liability
Specialized
Accident and sickness
Total business
26,526
21,535
14,836
11,892
8,344
5,056
1,466
68,118
39%
32%
22%
17%
12%
7%
2%
100%
NWP IN
$000,000
NWP AS % OF
TOTAL BUSINESS
LINE OF
BUSINESS
Sources: IBC, MSA, SCOR, AMFSources: IBC, MSA, SCOR, AMF
Sources: IBC, MSA, SCOR, AMF
9
PREMIUMS
SECTION 1
Of the $68.1 billion in net written premiums, 39% was for one
line of business: automobile, including commercial vehicle
insurance. (Figures do not include government-owned auto
insurers in British Columbia, Saskatchewan, Manitoba and
Quebec, which generally provide the compulsory component
of auto insurance in those provinces, in addition to some
optional coverages.) Personal property, commercial property
and liability made up most of the rest.
Specialized lines of insurance, such as boiler and
machinery, marine and aircraft, and surety and fidelity,
make up about 7% of the business. The smallest portion
of the business is accident and sickness insurance, which
a few P&C insurance companies sell. Most of this type of
insurance is sold by life and health insurers.
10
INSURANCE REVENUE DOLLAR
SECTION 1
The “Insurance Dollar” graphs show how insurers spent
each dollar of revenue averaged over seven years, from
2016 to 2022. Insurers earn revenue through premiums and
on investments they make.
More than half
of every dollar
received is paid
out in claims.
Claims paid out
to policyholders
55%
Operating expenses
21.7%
Total taxes
14.1%
Net prot
9.2%
Source: IBC, MSA. Based on 10 year average.
NET CLAIMS INCURRED (NCI) IN $000,000, 1997 TO 2022
NET CLAIMS INCURRED (NCI) BY LINE, 2022
Total auto
Auto – Private passenger
Personal property
Commercial property
Liability
Specialized
Accident and sickness
Total business
16,323
13,729
8,479
5,716
2,644
1,072
879
35,112
46%
39%
24%
16%
8%
3%
3%
100%
NCI IN
$000,000
NCI AS % OF
TOTAL BUSINESS
LINE OF
BUSINESS
DIRECT CLAIMS INCURRED (DCI) BY LINE, 2022
AUTO
NCI
PERSONAL
PROPERTY NCI
COMMERCIAL
PROPERTY NCI
LIABILITY
NCI
OTHER
NCI
TOTAL
NCI
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
7,221
7,185
7,475
8,443
9,431
10,844
12,028
11,081
10,626
10,968
11,753
12,997
13,472
15,205
14,607
14,731
15,125
15,835
15,277
15,239
15,226
17,328
17,776
17,793
15,729
16,323
2,112
2,523
2,152
2,286
2,316
2,352
2,574
2,921
3,570
3,556
3,842
4,720
5,071
4,566
5,336
5,013
6,161
6,045
5,489
6,253
6,533
7,228
7,180
7,012
7,047
8,479
1,838
2,089
1,758
1,847
2,031
2,195
2,161
2,033
3,356
2,173
2,589
3,157
3,454
3,276
4,087
3,981
4,699
3,955
3,797
5,494
4,280
5,471
5,015
5,525
4,673
5,716
1,406
1,275
1,438
1,430
1,495
2,085
2,632
3,263
3,071
2,577
2,642
2,726
2,878
2,766
2,977
2,615
2,486
2,526
3,106
2,933
2,749
3,090
3,551
5,153
4,332
2,644
613
696
659
784
887
2,019
993
864
944
1,052
990
1,404
1,464
1,475
1,560
1,479
1,650
1,970
1,761
1,684
1,748
1,937
2,145
2,429
1,895
1,951
13,190
13,768
13,483
14,790
16,161
19,494
20,388
20,161
21,568
20,326
21,817
25,003
26,338
27,288
28,567
27,817
30,120
30,330
29,431
31,602
30,536
35,054
35,668
37,912
33,676
35,112
Sources: IBC, MSA, SCOR, AMF
Total auto
Auto – Private passenger
Personal property
Commercial property
Liability
Specialized
Accident and sickness
Total business
19,349
16,216
9,868
6,625
3,856
1,296
953
41,946
46%
39%
24%
16%
9%
3%
2%
100%
DCI IN
$000,000
DCI AS % OF
TOTAL BUSINESS
LINE OF
BUSINESS
Sources: IBC, MSA, SCOR, AMF Sources: IBC, MSA, SCOR, AMF
11
CLAIMS
SECTION 1
In 2022, Canadian P&C insurers paid out $42 billion in claims.
Sustained inflationary pressures and high interest rates are contributing to economic uncertainty in Canada. To make matters
worse, growing auto thefts, lingering supply chain disruptions and pandemic-related labour shortages continue to persist through
2023. The insurance industry is not immune to these challenges. While inflation levels have eased from record highs over the past
two years, the industry continues to face replacement cost claims that are nearly twice the rate of inflation and longer timelines to
complete repairs.
Net claims incurred are the total claims cost incurred in the period, less any share to be paid by reinsurers.
*Harmonized sales tax (HST) is allocated into the appropriate component
Source: IBC
FEDERAL AND PROVINCIAL TAXES AND
LEVIES COLLECTED IN $000,000, 2021
Income taxes
Payroll taxes
Realty and business taxes
Transaction taxes
GST on claims*
PST/QST on claims*
Sales tax on operating expenses
RST on premiums
(Sask., Man., Ont., Que., N.L.)
Insurance premium taxes
Transaction subtotal
Total taxes
Health levies
TOTAL
2,946
2,179
34
833
1,221
459
2,787
2,604
7,905
13,064
375
13,439
12
Sources: IBC, MSA
TAXES AND LEVIES
SECTION 1
The main taxes and levies applied to the P&C insurance
industry are:
• Sales tax on claims and expenses. The P&C insurance
industry paid an estimated $2.1 billion in goods and
services tax (GST), provincial sales tax (PST/QST) and
harmonized sales tax (HST) applicable to P&C insurance
claims. An additional $459 million in sales tax related to
general and administrative expenses was incurred as
part of daily operations.
• Insurance premium tax. Provinces apply this tax,
which is included in premiums, at different rates on
different insurance products. Some jurisdictions have
combined this tax with a fire tax, which some provincial
governments collect to disburse to municipalities to
support fire services. Some provinces also use levies to
help recover costs of fire services; for example, the Nova
Scotia 50-cent levy per insured vehicle.
• Retail sales tax (RST) on premiums. This is a provincial
sales tax collected from policyholders in Manitoba,
Saskatchewan, Ontario, Quebec, and Newfoundland and
Labrador. Considered a financial service, P&C insurance
premiums are exempt from the GST and HST; however,
some provinces apply a unique RST to premiums.
• Health care levy. This levy is paid to most provincial
governments to support the health care system,
particularly to pay for the public health system costs of
auto collision victims. Health care levies are included in
the industry’s total tax contribution because they are
mandatory.
Each year, the private P&C insurance
industry makes signicant tax contributions
to government revenues. In 2021,
Canadian P&C insurers contributed taxes
and levies totalling $13 billion to federal
and provincial governments.
About 78% ($10.1 billion) of the industry’s
total tax contribution was incurred through
the insurance supply chain and paid
regardless of the industry’s bottom line,
while about 22% ($2.9 billion) was paid in
income taxes.
Although P&C insurance products are exempt from GST
and HST, a significant amount of sales and insurance-
specific taxes are embedded in the premium. Based on a
$1,000 unit of premium, on a Canada-wide average basis,
it’s estimated that these taxes account for $134 of the
premium for personal property insurance, $114 of the
premium for private passenger auto insurance (which
includes health care levies), $109 of the premium for
commercial liability insurance and $101 of the premium for
commercial property insurance.
1
Manitoba premium tax rate on property insurance is 4% except on aircraft, auto or hail insurance, and insurance against loss or damage to an
automobile caused by fire. A rate of 3% applies to those. A temporary elimination of the Retail Sales Tax on real property insurance premiums is in
effect as of July 1, 2020. The RST on all other insurance premiums is left at 7%.
2
In New Brunswick, the fire tax applies on property and auto fire risks.
3
In Newfoundland and Labrador, the Retail Sales Tax on auto insurance premiums was eliminated effective April 15, 2019. Non-owned auto, which
is a third party liability coverage reported under general liability, is considered an exempt auto insurance coverage. The Retail Sales Tax on property
insurance premiums was also eliminated permanently effective April 7 2023.
4
Insurance premium tax rates includes compensation tax. The temporary surcharge of 0.18 in Quebec expired in March 31, 2022, and the 0.30%
compensation tax will become permanent from April 1, 2024.
5
Effective January 1, 2021, Yukon increased the insurance premium tax rate to 4% from 2% and repealed the fire tax.
Source: IBC
PROVINCIAL INSURANCE PREMIUM, RETAIL SALES AND FIRE TAX RATES AS OF AUGUST 2023
INSURANCE PREMIUM
TAX RATE %
RETAIL SALES
TAX RATE %
FIRE TAX RATE
%
Alberta
British Columbia (auto and property insurance)
British Columbia (excluding auto and property)
Manitoba (property insurance)
1
Manitoba (excluding property)
1
New Brunswick
2
Newfoundland and Labrador (auto and personal property insurance)
3
Newfoundland and Labrador (excluding auto and personal property)
Northwest Territories
Nova Scotia
Nunavut
Ontario (auto insurance)
Ontario (property insurance)
Ontario (excluding property and auto)
Prince Edward Island
Quebec
4
Saskatchewan (auto insurance)
Saskatchewan (hail insurance)
Saskatchewan (excluding auto and hail)
Yukon
5
4.00
4.40
4.00
4.00
3.00
3.00
5.00
5.00
3.00
4.00
3.00
3.00
3.50
3.00
4.00
3.30
5.00
3.00
4.00
4.00
1.00
1.00
1.25
1.00
1.00
7.00
15.0
8.0
8.0
9.0
6.0
6.0
13
TAXES AND LEVIES
SECTION 1
Source: Statistics Canada Table: 14-10-0204-01 (formerly: CANSIM 281-0027)
AVERAGE WEEKLY WAGE COMPARED
TO BENCHMARK INDUSTRIES, 2022
Mining and quarrying
(except oil and gas) 1,990
Professional, scientic &
tech. services 1,633
Information & cultural industries 1,559
Public administration 1,502
Insurance carriers &
related activities
1,500
Credit intermediation &
related activities 1,448
Manufacturing 1,258
Hospitals 1,212
All industries 1,166
Educational services 1,161
Retail trade 702
Accommodation & food service 465
14
OPERATING EXPENSES
SECTION 1
Operating expenses for P&C insurers include commercial
premises costs, information technology, market research,
distribution costs and employee compensation.
Employee compensation is the largest operating expense. In
2022, the P&C insurance industry employed approximately
140,500 people across Canada.
Compensation levels in the industry are relatively high
compared with most other sectors in the economy. The
average weekly salary in 2022 was $1,500.
1
This reflects the
advanced skill mix possessed by employees in the P&C
insurance industry.
Employment in the insurance industry as a whole (which
includes life, health and medical, and P&C) grew by 14.4%
between 2016 and 2022, according to Statistics Canada.
CATASTROPHIC LOSSES IN CANADA IN $000,000,000, 1983 TO 2022 AND TREND
Loss + Loss Adjustment Expenses in 2022 dollars
Estimated Trend
Sources 1983 to 2007: IBC, PCS Canada, Swiss Re, Deloitte
Source 2008 -2022: CatIQ
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
1983 1987 1991 1995 1999 2003 2007 2011 2015 2019
$ billion
2022
$440 million average
$675 million average
1983 - 2000:
2001 - 2010:
2011 - 2020:
$2.3 billion average
15
CATASTROPHIC LOSSES
SECTION 1
Insured losses for a given disaster are deemed catastrophic when they
total $30 million
*
or more. Catastrophic losses for a year are the sum
total of insured losses from catastrophes. Due to the increase in the
number and severity of natural disasters, catastrophic losses have risen
dramatically over the last decade.
Severe weather across Canada continues to highlight the
financial costs of a changing climate to insurers, governments
and taxpayers. Nationally, insured damage for severe weather
events reached $3.4 billion last year, according to Catastrophe
Indices and Quantification Inc. (CatIQ).
Severe weather events linked to climate change are creating
challenges for the P&C industry, driving up the cost of
reinsurance and putting pressure on high-risk personal
and commercial property markets. While the issue is not
as pronounced in Canada as it is in some U.S. states, there
continues to be a heightened demand for risk protection.
Noteworthy severe weather events in 2022 included Hurricane
Fiona, the Ontario and Quebec derecho, the Eastern Canada
late-winter storm, the Western Canada summer storms and
the Eastern Canada bomb cyclone.
2022 now ranks as the third-worst year for insured losses in
Canadian history. No single catastrophic event or specific
region accounted for the majority of losses. Unlike in 2016,
the highest loss year on record in which the Fort McMurray,
Alberta, wildfire accounted for about 75% of national losses,
2022 saw disasters in nearly every part of the country.
(All figures in this section are in 2022 dollars. For catastrophic losses plus loss adjustment expenses,
see the chart on the next page.)
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2022 dollars
1983
July 9, Saskatchewan Storm 16,385 42,640
Aug. 3, Edmonton AB Storm 22,060 57,409
Total 1983 38,445 100,050
1984
April 30, Bruce County ON Wind 39,066 97,472
Total 1984 39,066 97,472
1985
May 30, Leamington ON Storm 16,390 39,336
May 31, Barrie ON Tornado 83,922 201,413
Total 1985 100,312 240,749
1986
May 29, Montreal QC Hail 45,473 104,810
Total 1986 45,473 104,810
1987
May 29, Montreal QC Hail 24,891 54,942
July 14, Montreal QC Storm 44,678 98,618
July 31, Edmonton AB Tornado 148,377 327,512
Total 1987 217,946 481,072
1988
June 7, Medicine Hat AB Tornado 50,027 106,237
July 6, Slave Lake AB Flooding 21,500 45,657
Aug. 16, Calgary AB Hail 37,127 78,843
Total 1988 108,654 230,737
1989
July 20, Harrow ON Flooding 13,807 27,909
Total 1989 13,807 27,909
1990
July 9, Calgary AB Hail 16,279 31,395
Total 1990 16,279 31,395
19 91
March 27–28, Sarnia ON Tornado 25,407 46,395
July 3, Red Deer AB Storm 28,202 51,499
Aug. 27, Maskinongé QC Tornado 17,667 32,261
BY EVENT IN $000, 1983 TO 2022
16
CATASTROPHIC LOSSES
SECTION 1
The table below shows the steady increase in the number and
cost of catastrophic losses from severe weather in Canada. This
phenomenon is not specific to Canada; it is part of a worldwide
trend that scientists increasingly attribute to climate change.
The table includes insured losses by event and annual totals
from 1983 to 2019. For 2021 and 2022, it sets out insured
losses for the two largest events in the year and annual totals.
The figures from 2008 to 2022 are reported by Catastrophe
Indices and Quantification Inc. (CatIQ), which tracks insured
losses arising from catastrophic events in Canada, or as
indicated at the end of the table. Prior to 2008, IBC used
multiple sources to establish estimates for catastrophic event
losses. Insured loss data for events that took place from 2008 to
2022 is available through subscription to CatIQ.
* In 2022, CatIQ updated the definition of catastrophic losses to include losses that total at least
$30 million. (Previously, the threshold was $25 million.)
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
Sept. 7, Calgary AB Hail 342,745 625,882
Nov. 30, Ontario Wind 5,429 9,914
Total 1991 419,450 765,952
1992
July 31, Calgary AB Hail 22,078 39,740
July 31, Toronto ON Flooding 4,898 8,816
Aug. 28, Alberta Hail 5,263 9,473
Aug. 28, Elmira, Aurora ON Flooding 4,348 7,826
Sept. 1, Alberta Hail 7,421 13,358
Oct. 6–7, Avalon NL Wind 8,216 14,789
Nov. 12–13, southern Ontario Wind 36,437 65,587
Nov. 12–13, Quebec Wind 12,056 21,701
Total 1992 100,717 181,291
1993
March 13–14, Quebec Storm 18,447 32,584
July 25–Aug.14, Winnipeg MB Flooding 184,837 326,488
July 29–30, Alberta Hail 8,116 14,336
July 29, Saskatchewan Flooding 5,383 9,508
July 29–30, Quebec Flooding 7,624 13,467
Total 1993 224,407 396,382
1994
Jan. 16–17, southern Ontario Flooding 13,145 23,192
Jan. 28, southern Ontario Storm 6,250 11,027
May 18, southern Manitoba Storm 8,260 14,573
May 22, Saskatchewan Storm 8,666 15,289
June 18, southern Alberta Hail 8,263 14,578
Aug. 4, Salmon Arm BC Storm 10,225 18,040
Aug. 4, Aylmer QC Tornado 6,911 12,193
Aug. 27, southern Manitoba Hail 8,112 14,312
Aug. 28, southern Ontario Storm 7,219 12,736
Total 1994 77,051 135,941
1995
June 6–9, Calgary AB Flooding 20,764 35,839
July 4, Edmonton AB Hail 14,698 25,369
July 10, southern Alberta Hail 26,389 45,548
July 13–15, southern Ontario Storm
53,439 92,237
July 17, Calgary AB Hail 52,304 90,278
July 30, southern Manitoba Storm 8,468 14,616
Aug. 26, Regina SK Storm 12,294 21,220
Oct. 5–6, Hamilton ON Storm 16,325 28,177
Total 1995 204,681 353,285
1996
July 16, Winnipeg MB Flooding/Hail 146,825 249,718
July 16–18, Calgary AB Hail 119,091 202,548
17
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
July 19–20, Saguenay QC Flooding 207,159 352,333
July 23, Outaouais QC Wind/Hail 1,571 2,672
July 24–25, Calgary AB Hail 85,222 144,945
Aug. 8, Ottawa ON Flooding 20,257 34,453
Aug. 8, Outaouais, Estrie QC Flooding 7,882 13,406
Nov. 9, Montreal, Quebec City QC Flooding 76,040 129,328
Total 1996 664,047 1,129,403
1997
Feb. 27, Niagara Peninsula ON Wind 23,776 39,767
April 6–7, Sudbury ON Flooding 20,558 34,385
July 14–15, Chambly QC Flooding 29,865 49,951
Total 1997 74,199 124,103
1998
Jan., southern Quebec Ice storm 1,384,100 2,292,179
Jan., eastern Ontario Ice storm 170,000 281,533
Jan., southern New Brunswick Ice storm 20,000 33,122
July 4–9, Calgary AB Hail 69,742 115,498
Sept. 26–27, Niagara Peninsula ON Wind 63,403 105,001
Total 1998 1,707,245 2,827,332
1999
Jan., southern Ontario Snowstorm 120,021 195,341
June 5, Drummondville QC Hail 20,555 33,455
July 5–6, Quebec Wind 43,321 70,507
July 28, Atlantic provinces Flooding 15,756 25,644
Sept. 22, Atlantic provinces Flooding 15,648 25,467
Total 1999 215,301 350,414
2000
May 12, southern Ontario Storm 128,121 203,060
July 7, southern Manitoba Storm 18,559 29,415
July 14, Pine Lake AB Tornado 17,916 28,395
Aug. 9, Calgary AB Storm 28,058 44,470
Oct. 30, Sydney NS Flooding 4,010 6,355
Dec. 17, Atlantic provinces Wind 19,756 31,312
Total 2000 216,420 343,006
2001
Feb. 1, Atlantic provinces Snowstorm 13,746 21,252
Feb. 8, southern Ontario Storm
54,078 83,605
Feb. 8, Quebec Storm 53,843 83,242
July 13, Alberta Storm 25,513 39,444
July 28, Edmonton AB Storm 23,902 36,952
Sept. 19, Atlantic provinces Flooding 6,362 9,836
Dec. 14, southwestern British Columbia Wind 27,035 41,797
Total 2001 204,480 316,128
18
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
2002
Jan. 31, southern Ontario Wind 34,508 52,176
March 9, Ontario Wind 110,989 167,815
June 8, southern Alberta Flooding 42,828 64,756
June 10, southern Ontario Storm 53,943 81,561
July 26, southwestern Ontario Storm 60,060 90,810
Total 2002 302,327 457,119
2003
March 30–April 1, New Brunswick Flooding 4,695 6,906
March 30–April 1, Newfoundland and Labrador Flooding 711 1,046
March 30–April 1, Prince Edward Island Flooding 628 924
March 30–April 1, Nova Scotia Flooding 18,557 27,294
Aug. 11–12, Alberta Wind/Hail 33,565 49,368
Aug. 11–12, Saskatchewan Wind/Hail 29,055 42,735
Summer, British Columbia Forest fires 200,000 294,163
Sept. 28–29, Prince Edward Island Hurricane 6,665 9,803
Sept. 28–29, Nova Scotia Hurricane 132,671 195,135
Total 2003 426,548 627,375
2004
July 2–11, Edmonton AB Hail 166,000 239,725
July 15, Calgary AB Hail 21,500 31,049
July 15, Peterborough ON Flooding 87,303 126,077
Sept. 9, eastern Ontario Rainstorm 57,600 83,181
Total 2004 332,403 480,032
2005
June 6–8 and June 17–19, Alberta Flooding 300,000 423,925
June 20–30 and July 1–2, Manitoba Flooding 60,000 84,785
July 5 and Sept. 26, Quebec Rainstorm 57,000 80,546
Aug. 19, Ontario Wind/Rainstorm 625,400 883,743
Total 2005 1,042,400 1,472,999
2006
Feb. 6, British Columbia Storm 6,406 8,879
Aug. 10, Alberta Hail 13,593 18,839
Sept. 24, Greater Toronto Area ON Wind/Hail 4,628 6,413
Nov.15–Dec. 15, British Columbia Storm 133,086 184,442
Total 2006 157,713 218,573
2007
Jan. 5, British Columbia
Storm 16,235 22,016
June 5, Alberta Storm 44,621 60,508
June 22–24, Manitoba Storm 17,607 23,876
Summer, Manitoba Storm 47,400 64,277
July 7, Alberta Forest fires 7,376 10,002
July 28–29, Alberta Hail 16,581 22,485
Aug. 1, Newfoundland and Labrador Wind 6,039 8,190
Total 2007 155,859 211,354
19
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
2008
Jan. 9, Greater Toronto Area, Prince Edward County ON Windstorm 70,315 93,178
June 10, Montreal and surrounding regions QC Hail/Windstorm/Lightning/Water 172,490 228,576
July 9, Swift Current SK Hail/Windstorm/Lightning/Water 29,388 38,944
Aug. 8, Red Deer AB Hail/Windstorm/Lightning/Water 51,882 68,752
Dec. 21, Vancouver BC Winter storm 51,663 68,461
Total 2008 375,738 497,910
2009
Jan. 6–8, Vancouver, Fraser Valley, Chilliwack, Greendale BC Flooding/Water 43,272 57,192
Feb. 11–13, southwestern Ontario Flooding/Water 42,420 56,066
April 25, southwestern, southcentral, eastern Ontario Windstorm/Hail/Lightning/Water 40,981 54,164
July 26, Hamilton, Toronto, North York ON Flooding/Windstorm/Lightning/
Water
173,312 229,063
Aug. 1–3, Calgary, Camrose AB Windstorm/Hail/Lightning/Water 346,548 458,025
Aug. 14, Brandon, Winnipeg, Steinbach MB Hail/Lightning/Water 72,866 96,305
Aug. 20, Greater Toronto Area ON Windstorm/Hail/Lightning/Water 96,183 127,123
Total 2009 815,582 1,077,937
2010
March 13, Greater Toronto Area ON Flooding/Windstorm/Water 26,090 33,861
May 28, Winnipeg MB Flooding/Water 33,417 43,370
June 6, Leamington ON Windstorm/Lightning/Water 123,864 160,757
June 16–18, Blood Tribe Reserve, Medicine Hat AB;
Maple Creek SK
Flooding/Water 41,852 54,318
June 29, Saskatoon SK; Alberta Hail/Flooding/Windstorm/
Lightning
85,210 110,590
July 2, Kawacatoose First Nation near Raymore and Yorkton SK Windstorm/Hail/Lightning/Water 31,074 40,330
July 12, Calgary AB Hail/Flooding/Windstorm/
Lightning
487,086 632,167
Aug. 22, Calgary AB Hail/Windstorm/Lightning/Water 84,460 109,617
Sept. 21, Newfoundland and Labrador Flooding/Windstorm/Lightning/
Water
48,161 62,506
Sept. 30–Oct. 1, Cornwall ON; Sherbrooke QC Flooding/Windstorm/Lightning/
Water
75,754 98,318
Dec. 13, New Brunswick, Nova Scotia Flooding/Water 33,905 44,004
Total 2010 1,070,873 1,389,837
2011
March 5–8, Ontario, Quebec Winter storm/Windstorm/Water 34,467 43,465
April 10–11, Thunder Bay ON, southern and eastern Ontario Hail/Windstorm/Lightning/Water 79,066 99,706
April 27–28, Ontario, Quebec Windstorm/Hail/Lightning/
Winter storm
199,888 252,069
May 15–16, Slave Lake AB Fire/Windstorm 528,139 666,010
June 2, Manitoba, Saskatchewan Hail/Lightning/Water 38,357 48,370
June 7, southern Ontario Hail/Windstorm/Lightning/Water 25,901 32,662
June 17–21, Weyburn, Estevan SK Flooding/Water 33,258 41,940
June 23–24, Ontario, Quebec Flooding/Hail/Windstorm/
Lightning
32,836 41,408
20
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
July 7, Red Deer, Bergen, Olds, Bowden, Innisfail AB Windstorm/Hail/Lightning/Water 58,589 73,884
July 18, Prince Albert, Big River, Waskesiu SK Windstorm/Hail/Lightning/Water 76,056 95,910
Aug. 15, Saskatoon, Biggar, Warman SK Hail/Flooding/Windstorm/
Lightning
69,790 88,009
Aug. 21, Goderich ON Windstorm/Lightning/Water 112,859 142,321
Aug. 28–30, Atlantic provinces, Quebec Flooding/Windstorm/Lightning/
Water
102,362 129,084
Nov. 27, Calgary and surrounding areas AB Windstorm 172,733 217,825
Total 2011 1,564,301 1,972,663
2012
March 2–3, Ontario, Quebec Windstorm/Winter storm/Water 30,713 38,158
May 26–29, Thunder Bay ON; Montreal QC Flooding/Lightning/Water 225,471 280,125
June 25–27, Saskatchewan Windstorm/Hail/Lightning/Water 79,572 98,860
July 11–12, Edmonton AB Flooding/Hail/Lightning/Water 71,759 89,153
July 22–23, Hamilton, Ottawa ON Windstorm/Flooding/Lightning/
Water
92,650 115,108
July 26, Cardston, Nanton AB Hail/Lightning/Water 99,437 123,540
Aug. 11, southern Quebec Flooding/Windstorm/Lightning/
Water
57,355 71,258
Aug. 12, Calgary AB Hail/Lightning/Water 521,647 648,094
Aug. 14, Calgary AB Hail/Windstorm/Lightning/Water 95,253 118,342
Oct. 29–31, Ontario, Quebec Flooding/Windstorm/Lightning/
Water
54,481 67,687
Total 2012 1,328,338 1,650,326
2013
April 11–12, southern Ontario Winter storm/Windstorm/Water 36,722 45,215
May 31–June 1, Quebec Flooding/Windstorm/Hail/Water 27,669 34,068
June 19–24, southern Alberta Flooding/Water 1,599,330 1,969,208
July 2, Edmonton region AB Hail/Windstorm/Lightning/Water 64,052 78,865
July 8, Greater Toronto Area ON Flooding/Lightning/Water 924,803 1,138,683
July 19, Regina SK Hail/Lightning/Water 73,856 90,937
July 19, southern regions Ontario, Quebec Hail/Windstorm/Lightning/Water 167,001 205,623
July 23, Lethbridge, High River AB Hail/Windstorm/Lightning/Water 51,599 63,532
Dec. 20–26, Ontario, Quebec, Atlantic provinces Winter storm/Windstorm/Water 201,818 248,493
Total 2013 3,146,850 3,874,623
2014
June 17, Angus ON, southern Ontario Windstorm/Lightning/Hail/Water 50,567 61,068
June 28–30, southern regions Saskatchewan, Manitoba Flooding/Windstorm/Water
124,811 150,730
July 5–6, Quebec, New Brunswick, Nova Scotia, Prince Edward Island Windstorm/Flooding/Water 38,338 46,300
July 17, Alberta, Saskatchewan Hail/Windstorm/Lightning/Water 72,924 88,068
Aug. 4, Greater Toronto Area ON Flooding/Lightning/Hail/Water 77,540 93,643
Aug. 7, central Alberta Hail/Windstorm/Lightning/Water 546,468 659,952
Nov. 24–25, southern Ontario, southern Quebec Windstorm/Flooding/Water 79,134 95,568
Total 2014 989,782 1,195,328
21
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
2015
June 12, Medicine Hat AB; Weyburn SK; Virden MB Hail/Windstorm/Lightning/Water 98,184 117,262
June 22–23, Essex, London, Toronto, Kingston ON Flooding/Windstorm/Lightning/
Water
29,188 34,860
July 21, Rocky Mountain House, Red Deer, Lacombe, Ponoka,
Crossfield AB
Hail/Windstorm/Flooding/Water 259,344 309,738
July 22, Calgary, Strathmore, Hussar, Kerrobert AB;
Regina, Anglin Lake SK
Hail/Windstorm/Lightning/Water 45,676 54,551
Aug. 4–5, Calgary, Olds AB Hail/Flooding/Windstorm/Water 167,236 199,732
Aug. 29, Vancouver BC, southwestern British Columbia Windstorm/Water 34,768 41,524
Total 2015 634,396 757,667
2016
March 23–26, Fergus, Orangeville, Barrie, Newmarket ON Winter storm/Windstorm/Water 28,155 33,154
May 3–19, Fort McMurray AB Fire 3,752,981 4,419,398
June 24–25, Saskatoon SK; West Hawk Lake MB; Killarney, Melita,
Thunder Bay ON
Flooding/Windstorm/Hail/Water 37,247 43,861
June 28–30, Okotoks, Calgary, Edmonton, Ponoka AB; southern
Saskatchewan; southern Manitoba
Hail/Flooding/Windstorm/Water 93,097 109,628
July 8–11, Edmonton, Calgary AB; southwest Manitoba; Estevan SK Hail/Flooding/Windstorm/Water 56,103 66,065
July 8, Bradford, Markdale, London ON Hail/Windstorm/Lightning/Water 47,615 56,070
July 15–16, Calgary AB; Swift Current SK Hail/Flooding/Windstorm/Water 72,430 85,291
July 18–20, Medicine Hat AB; Outlook SK; Winnipeg MB Hail/Windstorm/Lightning/Water 105,684 124,450
July 22, Moose Jaw SK Hail/Windstorm/Lightning/Water 77,401 91,145
July 27, Toronto ON; Saguenay QC Hail/Windstorm/Lightning/Water 65,813 77,499
July 30–Aug. 1, Calgary, Airdrie, Fort McMurray AB; Yorkton, Melville SK;
Winnipeg MB
Hail/Windstorm/Flooding/Water 462,528 544,659
Sept. 28–30, Windsor ON Flooding/Windstorm/Water 156,170 183,901
Oct. 9–11, Sydney, Cape Breton NS; Burgeo NL; New Brunswick; Prince
Edward Island
Windstorm/Flooding/Water 108,591 127,874
Total 2016 5,063,815 5,962,997
2017
March 8, Windsor, Sarnia, London, Niagara Falls, St. Catharines,
Hamilton ON
Windstorm 110,894 128,583
March 11, St. John's, Torbay, Avalon Peninsula NL Windstorm 65,140 75,530
April 5–7, Sainte-Thérèse, Rosemère, Blainville, Sainte-Hyacinthe QC;
Ontario
Flooding/Water/Winter storm 111,424 129,197
May 5–7, Minden, Peterborough, Cumberland ON; Gatineau,
Laval, Montreal QC; Saint John River NB; Cape Breton NS
Flooding/Water 116,456 135,032
May 23–24, Vancouver BC; Edmonton, Calgary, Red Deer,
Lacombe AB; Saskatchewan
Windstorm/Water/ Flooding 68,858 79,841
June 2, Saskatoon SK Hail/Windstorm/Lightning/Water 46,951 54,440
June 20, Red Deer, Innisfail, Sylvan Lake, Pine Lake, Edmonton AB Hail/Windstorm/Water 36,069 41,822
July 7–Sept 27, Ashcroft, Cache Creek, Loon Lake, Pressy Lake BC Fire 46,408 53,811
July 12–13, Drayton Valley, Edmonton, Breton AB Hail/Windstorm/Flooding/Water 35,254 40,877
July 15–27, Williams Lake and surrounding areas BC Fire 90,940 105,446
22
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
July 23, Wetaskiwin, Red Deer, Edmonton, Calgary, Bashaw,
Camrose AB
Hail/Windstorm/Flooding/
Lightning
73,326 85,022
July 27–29, Mayerthorpe, Sangudo, Maskwacis, Red Deer, Edson,
Westlock AB; Yorkton, Melville SK
Hail/Windstorm/Flooding/Water 50,493 58,547
Aug. 28–29, Windsor, Tecumseh, Essex ON Flooding/Water 169,422 196,446
Oct. 16–18, Calgary, Medicine Hat AB; Regina, Moose Jaw, Saskatoon
SK; Winnipeg, Dauphin MB; British Columbia
Windstorm/Water/Fire 105,733 122,598
Oct. 29–30, Kingston, Ottawa ON; Gatineau, Wakefield QC Flooding/Water/Windstorm 99,847 115,774
Total 2017 1,227,215 1,422,967
2018
Jan. 11–14, Sherbrooke QC; Sussex NB; Corner Brook NL; Ontario;
Quebec; New Brunswick; Newfoundland and Labrador; Nova Scotia;
Prince Edward Island
Water/Flooding/Windstorm/
Winter storm
54,205
61,438
Feb. 19–22, Brantford, Cambridge, Greater Toronto Area, London ON;
Cookshire-Eaton, Eastern Townships QC
Water/Flooding/Winter storm 60,696 68,795
April 4–5, Niagara, Greater Toronto Area ON; Quebec Windstorm/Winter storm/Water/
Flooding
102,360 116,018
April 14–17, Greater Toronto Area, Leamington, Hamilton, Guelph,
Kitchener, Waterloo, London, Chatham-Kent, Ottawa ON; Gatineau QC
Winter storm/Flooding/Water/
Windstorm
254,323 288,258
May 4–5, Hamilton, Toronto and Greater Toronto Area ON; Quebec Windstorm/Water 685,124 776,542
June 14, Estevan, North Portal, Bienfait SK; Belmont, Winkler MB Hail/Windstorm/Water/Flooding 120,556 136,642
July 6–7, Lakeland region, Neilburg, Langham SK; Lloydminster AB Hail/Windstorm/Water 57,558 65,238
July 13–14, Ponoka, Red Deer, Alix, Vermillion, Stettler, Bowden AB;
Saskatchewan
Hail/Windstorm/Water/Lightning 42,115 47,735
Aug. 1–4, Calgary, Beaverlodge AB; Alonsa, Silver Ridge,
Margaret Bruce Beach MB; Saskatchewan
Hail/Windstorm/Water/Lightning 141,412 160,281
Aug. 7–8, Downtown Toronto, North York ON Water/Flooding 164,648 186,618
Sept. 21, Dunrobin, Ottawa, Nepean ON; Gatineau QC Windstorm/Hail/Water/Flooding 350,828 397,640
Dec. 20, Southern Gulf Islands, Vancouver Island, Surrey,
Abbotsford, Vancouver BC
Windstorm/Water/Flooding 84,525 95,803
Total 2018 2,118,350 2,401,008
2019
Jan. 24–25, Saint John, Sussex, Moncton NB; Montreal,
Quebec City QC; Nova Scotia; Prince Edward Island
Water/Flooding/Windstorm/
Winter storm
38,052 42,305
Feb. 3–5, Greater Toronto Area, Ottawa, Orillia ON; Gatineau,
Montreal, Sherbrooke, Quebec City QC
Water/Flooding/Windstorm/
Winter storm
81,499 90,608
Feb. 24–25, Niagara region, Hamilton, Greater Toronto Area ON;
Quebec
Windstorm/Water/Flooding/
Winter storm
89,530 99,536
March 9–11, Greater Toronto Area ON; Quebec Water/Flooding/Windstorm/
Winter storm
71,818 79,845
March 13–16, Greater Toronto Area, Kitchener, Bolton, Peterborough
ON; Quebec; New Brunswick; Nova Scotia
Flooding/Water/Windstorm/
Winter storm
145,776 162,069
April 18–May 14, Ste-Marthe-sur-le-Lac, Laval, Sainte-Marie QC;
Huntsville, Bracebridge ON; New Brunswick
Flooding/Water/Windstorm 299,313 332,766
23
CATASTROPHIC LOSSES
SECTION 1
BY EVENT IN $000, 1983 TO 2022
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
July 13–15, Mistusinne, Luseland, Eston, Balcarres, Brownlee,
Saskatoon SK; Portage La Prairie, Sage Creek MB; Alberta
Hail/Windstorm/Water/Flooding 60,764 67,555
July 30–31, Stettler, Castor, Cadogan AB; Saskatchewan Hail/Water/Flooding 104,968 116,700
Aug. 2, Spruce Grove, Stony Plain, Edmonton, Drayton Valley AB Hail/Windstorm 101,524 112,871
Sept. 7–9, Sambro Creek, Halifax, Dartmouth NS; Moncton, Saint John
NB; Prince Edward Island; Newfoundland and Labrador; Quebec
Windstorm/Water/Flooding 157,400 174,992
Oct. 31–Nov. 2, Niagara region ON, eastern Ontario;
Montreal and area QC; New Brunswick; Nova Scotia; Prince Edward
Island; Newfoundland and Labrador
Windstorm/Water/Flooding 255,368 283,909
Total 2019 1,406,012 1,563,155
2020
Jan. 11-12, Greater Toronto Area, Kitchener, Innisfil,
New Hamburg ON; Montérégie QC
Water/Flooding/Windstorm/
Winter storm
99,889 110,242
Jan. 17–18, St. John's NL Winter storm/Windstorm/Water 18,322 20,221
Jan. 31-Feb. 1, Vancouver, Victoria, District of Kent, Cowichan Valley BC Flooding/Water/Windstorm 42,394 46,788
April 26-May 3, Fort McMurray AB Flooding/Water 525,627 580,108
June 13-14, Calgary, Airdrie, Taber AB; Regina SK Hail/Water/Windstorm 1,158,644 1,278,737
July 24, Calgary, Drumheller, Airdrie, Strathmore AB Hail/Flooding/Water/Windstorm 162,513 179,357
Aug. 2-3, Calgary, Edmonton, Drumheller, Crossfield, Carbon,
Killam AB; Macklin SK
Hail/Water/Windstorm/Flooding 59,344 65,495
Oct. 10, Montreal, Laurentides and southern Quebec Hail/Windstorm 66,937 73,875
Nov. 15-16, southern and central Ontario, including Greater Toronto
and Hamilton Area, Niagara region, Lake Erie shoreline,
Muskoka region, Lake Ontario shoreline ON
Windstorm/Water/Flooding 97,837 107,978
Total 2020 2,231,507 2,462,802
2021
Jan. 12-14, Victoria, Abbotsford, Calgary, Taber, Saskatoon, Regina,
south Alberta, central/southern Saskatchewan; BC, AB, SK
Windstorm/Winterstorm
Jan. 19-20, Edmonton, Prince George, Saskatoon, central Alberta,
northern BC Interior; BC, AB, SK
Windstorm
March 26-29, Toronto, GTA, southern/eastern Ontario,
southern Quebec, central/northern New Brunswick, northern
Maritimes, western Newfoundland; ON, QC, NB, NS, NL
Windstorm/Flood/Water
June 30-Sept. 5, Lytton, BC Fire
July 2, Calgary metro area, AB Hail/Flood/Water/Windstorm 625,015 667,039
July 15, Barrie, Innisfil, Kawartha Lakes, Little Britain, Manilla, Lindsay,
Lake of Bays, ON
Windstorm/Water
July 22-23, Regina, Foam Lake, Okla, Duck Mountain, Loon Lake,
Saskatchewan; AB, SK, MB
Hail, Windstorm/Water/Lightning
Aug. 4-Sept. 2, Monte Lake, Bouleau Lake, Killiney Beach, Ewings
Landing, BC
Fire/Water
Aug. 31-Sept. 1, Regina, Assiniboia, Yorkton, SK;
Calgary, AB, SK
Hail/Water/Windstorm/Lightning
24
CATASTROPHIC LOSSES
SECTION 1
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
Sept. 7-8, Kinsbridge, Lucknow, Saugeen Shores, Harriston, Kenilworth,
GTA, ON
Windstorm/Water/Hail/Flood
Sept. 10-11, St. John's, Avalon Peninsula, NL Windstorm/Water/Flood
Sept. 22-23, Toronto, GTA, Waterloo, London, SW Ontario, Kawarthas,
Laurentians, Ottawa River Valley, ON, QC
Flood/Water/Windstorm
Nov. 13-Dec. 2, Abbotsford, Merritt, Princeton, Chilliwack, Nanaimo,
Duncan, Lytton, southwestern, BC, AB, SK, MB
Flood/Water/Windstorm
653,090 696,258
Dec. 11-13, Toronto, Hamilton, GTA, Windsor, London, Montreal, Quebec
City, southern Ontario, southern Quebec, Gaspe, Acadian Peninsula,
northern Nova Scotia, western Newfoundland,
ON, QC, NS, NB, NL
Windstorm/Water/Flood
Total 2021* 2,321,323 2,475370
2022
Feb. 17-19, GTA, Halifax, southern Ontario, Nova Scotia, Atlantic
Canada, ON, QC, NB, NS, PE, NL
Flood, Water, Windstorm,
Winterstorm
April 22-25, Winnipeg, Selkirk, Portage la Prairie, Dauphin, Fort
Frances, Thunder Bay, SK, MB, ON
Flood, Water, Windstorm,
Winterstorm
May 21, Ottawa, GTA, Kitchener-Waterloo, Outaouais, Lanaudiere,
Laurentides, ON, QC
Windstorm, Water, Lightning 1,266,425 1,266,425
June 16-17, Belleville, Scarborough, Oshawa, southeastern Ontario,
Greater Montreal Area, ON QC
Windstorm, Hail, Lightning,
Water
June 18-19, Salvador, Cactus Lake, Denzil, Reward, Moosomin,
Kipling, and Rocanville, SK; Binscarth, Foxwarren, and St-Lazare,
Prairie View, MB, SK
Windstorm, Hail, Water
June 23-24, Red Deer, NW Calgary, AB; Spiritwood, Yorkton,
Langbank, Churchbridge, Regina Beach and Saskatchewan Beach,
SK; Binscarth, Rossburn, Winnipeg, Sandy Lake, Plumas, Clear Lake,
Shoal Lake, Oakburn, MB, AB, SK
Water, Flood, Hail, Windstorm
July 7-8, Bergen, Oyen, Calgary AB, Blaine Lake SK, AB Windstorm, Hail, Water
July 15-July 17, Ponoka, Shantz, Eagle Hill, Olds, Red Deer, AB;
Avonhurst, Grenfell, Diefenbaker Lake, Moosomin, Island View,
Rocanville SK, AB, MB
Hail, Windstorm, Water
July 18-July 21, Medicine Hat, Cypress County and Redcliff, AB;
Regina, SK; Teulon, Winnipeg, MB; northwestern Ontario; Thedford
and Wyoming, ON; Rimouski area and Eastern Townships, QC, AB,
SK, MB, ON
Windstorm, Water, Flood, Hail
July 29-July 31, AB: Hines Creek, Grande Prairie, Red Deer County,
Sundre, Castor, Camrose, Coronation, SK: Kerrobert, Kindersley,
Unity, Evesham, Swift Current, Yorkton; AB, SK
Hail, Windstorm, Water
Aug.1-2, Antler Hill, Innisfail, Penhold, Markerhill, Ponoka, Three Hills,
Bodo, Pine Lake, Consort; SK: Kerrobert, Saskatoon, Unity, Wilkie,
Luseland; AB, SK
Hail, Windstorm, Water, Flood
Sept. 13-14, Montreal, Longueuil, Joliette, Lanaudiere, Monteregie,
Saguenay, Trois-Rivieres, QC
Water, Flood
25
BY EVENT IN $000, 1983 TO 2022
CATASTROPHIC LOSSES
SECTION 1
*Preliminary
Source: 1983 to 2007: IBC, PCS Canada, Swiss Re and Deloitte
Source 2008 -2022: CatIQ
Sept. 23-25, Sydney NS, Port aux Basques NL, Charlottetown PE,
Halifax, Cape Breton Island, Pictou County NS, Burgeo NL,
Iles-de-la-Madeleine QC, Gaspe QC, southwestern Newfoundland,
eastern Nova Scotia, eastern New Brunswick; QC, NB, NS, PE, NL
Windstorm, Flood, Water 837,655 837,655
Dec. 22-23, Niagara Region, Prince Edward County, southern
Ontario, Montreal, Quebec City, St. Lawrence corridor, western
New Brunswick, Acadian Peninsula, Northhumberland Strait,
Charlottetown, Halifax, Sydney, ON, QC, NB, NS, PE
Windstorm, Water, Flood,
Winterstorm
Dec. 23-27, Vancouver, Victoria, Squamish, Lower Mainland,
Fraser Valley, southern Vancouver Island, BC
Water, Winterstorm, Flood,
Windstorm
Total 2022*
3,406,154
3,406,154
DATE AND PLACE EVENT TYPE
LOSS
plus loss adjustment
expenses
LOSS
plus loss adjustment
expenses in 2021 dollars
26
BY EVENT IN $000, 1983 TO 2022
CATASTROPHIC LOSSES
SECTION 1
27
REGULATION AND
REGULATORY ISSUES
SECTION 1
The federal and provincial governments regulate the P&C insurance
industry. The provincial governments regulate market conduct, and
the federal Oce of the Superintendent of Financial Institutions
(OSFI) is the industry’s primary prudential (solvency) regulator.
Auto insurance, in particular, is very highly regulated.
The provincial governments determine the content of
auto insurance policies, how claims are handled and how
complaints are managed. They also administer rate approval
systems. IBC is advocating for auto insurance reform in several
provinces, including Alberta, Ontario, Nova Scotia and New
Brunswick.
Through IBC, the P&C insurance industry also engages with
regulators and the federal government to ensure that new
regulations balance the needs of consumers with insurers’
business models.
For example, the industry continues to engage with regulators
and tax authorities about the new accounting framework,
IFRS 17, which took effect on January 1, 2023. The new
standard is intended to drive greater consistency globally and
allow for increased comparability between insurers.
Some of the key impacts of IFRS 17 include:
• Volatility in financial results and equity
• Changes in key financial metrics
• Presentation of financial risks and investment income
on an insurer’s results separate from insurance
performance
• Additional complexity in valuation models, data, and
system and process requirements creating greater
granularity in contract groupings for valuation
purposes.
28
REGULATION AND
REGULATORY ISSUES
SECTION 1
Market conduct
The Canadian Council of Insurance Regulators (CCIR) is an
association of Canada's provincial insurance regulators. It
works to regulate insurers' governance, practices and policies
with respect to the treatment of consumers; this is known
as "market conduct." Market conduct measures help ensure
fair treatment of customers throughout the insurance sales,
distribution and claims settlement cycle. IBC engages with
CCIR on behalf of its members to discuss the industry's
perspectives or new or revised market conduct expectations in
respect of CCIR's guiding principles.
IBC also monitors global regulations to assess their potential
impact on Canadian insurers. This involves ensuring that
international regulations are sensitive to the domestic
regulatory landscape and the particulars of the P&C insurance
industry in Canada. IBC also participates in discussions
led by the Global Federation of Insurance Associations,
providing input into the development of the many aspects of
international regulations that affect P&C insurers.
Tax policy
IBC’s Tax Panel Working Group, under the governance of
the Finance Standing Committee, offers leadership for IBC’s
advocacy work on all tax issues facing member insurance and
reinsurance companies operating in Canada. The working
group identifies existing as well as emerging tax issues
and develops recommendations to support the industry’s
position on these issues. To ensure effective advocacy, the
Tax Panel Working Group liaises with governments, industry-
related bodies and other associations to achieve consensus
and develop responses on tax matters affecting the industry.
Through the Tax Panel Working Group, IBC has analyzed and
submitted strategic responses to the Department of Finance
Canada and provincial governments. For 2023, IBC presented
member views on:
• The proposed amendments announced as part of the
2023 Federal Budget Tax Measures to deny financial
institutions a dividend received deduction under the
Income Tax Act (Canada)
• Finance Canada’s tax Legislative Proposals related to
IFRS 17 contained in Bill C-32
• Finance Canada’s consultation on reforming and
modernizing Canada’s transfer pricing rules
• The provincial tax legislation on the implication of IFRS
17 on insurance premium tax computation
IBC continues to monitor future tax changes and other issues
that could have unintended tax costs for insurance products
and P&C insurer members.
