Calgary’s major 2024 hailstorm now estimated to have caused $3.25B in insured losses

The aftermath of Calgary’s record-breaking August 2024 hailstorm continues to unfold with total insured losses now estimated at more than $3 billion.

The storm is the second-costliest disaster in Canadian history for insures losses and resulted in more than 130,000 insurance claims, according to Catastrophe Indices and Quantification Inc. (Catiq).

The total insured damage to vehicles is now estimated to be nearly $1 billion.

The damage was so extensive that roughly half of all vehicles damaged were total losses — meaning that the value of the vehicle was written off and customers opted for cash payouts in lieu of repairs.

Nearly 60,000 homes in the Calgary-area were also impacted so the availability of building supplies and repair contractor services in Calgary has been strained by the scale of the damage.

The vast majority of repairs are expected to be complete in the spring or summer.

Last month, a Catiq report suggested the cost of insured damage caused by severe weather in Canada last year hit a record high as it totaled more than $8 billion — easily topping the previous record of $6.2 billion from 2016 when wildfires tore through Fort McMurray.