Hurricane Debby, which struck Quebec on August 9 and 10, 2024, has been recorded as the most expensive insured disaster in the province’s history. The severe weather event caused nearly $2.5 billion in insured damage, surpassing the 1998 ice storm’s costs. The Insurance Bureau of Canada (IBC) and Catastrophe Indices and Quantification Inc. (CatIQ) provided initial estimates, highlighting the extensive impact on homes, businesses, and vehicles. This event has contributed to a record-breaking year for the Canadian insurance industry, with total natural catastrophe losses in 2024 reaching approximately $7.6 billion. The unprecedented volume of claims, coupled with labour shortages and supply chain issues, indicates a prolonged recovery process. The IBC emphasizes the urgency of a National Flood Insurance Program and calls for immediate action to mitigate the risks of climate change and prevent construction in high-risk areas.
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