CatIQ lifts industry loss estimate for 2024 Calgary hailstorm 10% to C$3.25bn

CatIQ, a Toronto-based independent catastrophe insurance data provider and subsidiary of PERILS, has released its fourth industry loss estimate for the Calgary hailstorm that struck Alberta on August 5, 2024.

The latest estimate, reflecting data collected six months after the event, has risen to CAD 3.25 billion—a 10% increase from the previous estimate of CAD 2.95 billion, issued 90 days post-event.

The reported losses cover both residential and commercial property claims, as well as motor vehicle damage, including additional loss adjustment expenses.

CatIQ’s updated report offers a detailed breakdown of property and auto losses by Financial Services Areas (FSAs) within high-resolution CRESTA Zones. Subscribers can also access comprehensive meteorological data, including hail size estimates, affected neighbourhoods, damage reports, images, and related news coverage through the CatIQ platform.

A fifth industry loss estimate is scheduled for release on August 5, 2025, marking one year since the storm.

The August 5, 2024, hailstorm developed under unstable atmospheric conditions in southern Alberta, with severe thunderstorms forming along the foothills and moving eastward. Several storm cells produced exceptionally large hail, some reaching baseball size.

One particularly damaging cell swept across northern Calgary and Strathmore, leaving a trail of destruction. Hailstones punctured vinyl siding, shattered windows, and severely damaged roofs—including those at Calgary International Airport.

Calgary has experienced multiple severe hailstorms in recent years, with major events in 2020 and 2021 causing a combined CAD 2 billion in insured losses.

While each storm primarily affected residential areas, they impacted different sections of the city: the 2020 storm hit the northeast, the 2021 event targeted the southern region, and the 2024 storm inflicted heavy damage in the northern part of Calgary.

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