Calgary hailstorm in August causes nearly $2.8 billion in damage
- A severe hailstorm struck Calgary in early August 2024, resulting in nearly $2.8 billion in insured damages, marking it as the second-costliest insured event in Canadian history.
- The Insurance Bureau of Canada reported over 130,000 claims related to the hailstorm, contributing to a significant increase in insurance claims across the country due to multiple catastrophic weather events this summer.
- Experts emphasize the need for improved building codes and government programs to enhance resilience against future severe weather, as insured losses from such events are expected to continue rising.
In August 2024, Calgary was hit by a devastating hailstorm that resulted in nearly $2.8 billion in insured damages, making it the second-costliest insured event in Canada's history. The storm led to an unprecedented number of claims, with over 130,000 reported, reflecting a significant rise in severe weather-related incidents across the country. This summer alone, Alberta faced over $3.6 billion in insured losses due to various catastrophic weather events, including the Jasper wildfire and flooding in other regions. The Insurance Bureau of Canada (IBC) highlighted the alarming trend of increasing insured losses, which have now become a regular occurrence, exceeding $2 billion annually. The impact of this summer's severe weather has placed considerable pressure on insurance premiums, raising concerns among residents and businesses alike. Experts have called for immediate action to address the growing risks associated with climate change and severe weather. To mitigate future damages, there is a pressing need for improved building codes that incorporate hail-resistant materials and better alert systems to protect residents during such events. Additionally, government programs like the municipal Resilient Roofing Rebate Program are essential to enhance the resilience of homes and businesses. As Canada grapples with the financial implications of severe weather, the IBC continues to engage with federal and provincial governments to develop strategies that will help communities adapt and prepare for the increasing frequency of catastrophic weather events.