According to the AGCS Global Claims Review 2022, built on analysis of more than 530,000 insurance claims from 2017 to 2021, with a total value of €88.7 billion (approx. CA$115.7 billion), the leading causes of loss in North America over the past five years were natural catastrophes and fire/explosion.
Specific to natural catastrophes, AGCS found that hurricanes and tornados were the most expensive cause of loss, driven by the fact that two of the past five Atlantic hurricane seasons (2017 and 2021) now rank among the three most active and costliest on record, as well as recent record-breaking tornado activity. Both Canada and the US have also suffered significant wildfire seasons in recent years, as well as consistent flooding.
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