Natural disasters: 2023, one of the costliest years for Canadian insurers

According to the CatlQ research center, insured losses caused by natural disasters in Canada have reached 3.1 billion CAD (2.3 billion USD) in 2023.

This makes it the fourth costliest year for insurers, after 2016 (4.4 billion USD), 2013 (2.8 billion USD) and 2022 (2.5 billion USD).

The past year broke the record for the number of catastrophes, with 23 events in the country resulting in insured losses exceeding 30 million CAD (22.4 million USD).

Forest fires in British Columbia and Nova Scotia, ice storms in Ontario and Quebec, and flooding in Nova Scotia were some of the most significant disasters in 2023.