Top 4 catastrophes in 2011

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This year's cat events caused damage in the millions - sometimes billions - and were felt around the globe.

December 14, 2011

Our year-end coverage continues with a series of list items that detail the most important stories of 2011.

2011 will be remembered as a year with some of the biggest catastrophic events in history—not only in Canada but also around the globe. From the Japanese tsunami, to the New Zealand earthquake, to the US hitting 12 billion-dollar catastrophes, this year has kept the insurance and reinsurance industries busy.

Here are the top 4 catastrophic events in 2011 that garnered the most reader interest, according to Canadian Insurance Top Broker.

Slave Lake wildfire

In May, a devastating wildfire hit the town of Slave Lake, Alta., reducing 400 homes to ash and rubble and becoming the second costliest disaster in Canadian history, following the Quebec Ice Storm in 1998. Total damages are estimated at $700 million. In November, the Alberta government determined the wildfire may have been a deliberate act and the investigation has been turned over to the RCMP.

To read about the RCMP investigation, click here.

To read about the current situation in Slave Lake—where some residents have given up and are planning to move—click here.

Goderich tornado

A catastrophic tornado with winds up to 300km tore through the town of Goderich, Ont. in August. Total insured damage has been estimated at $75 million, and Environment Canada stated it was the most powerful storm Ontario had seen since 1996.

To read about the storm, click here.

To read about the storm’s effects on the insurance industry, click here.

Hurricane Irene

In August, Hurricane Irene ravaged parts of the Caribbean and US east coast before making its way to Atlantic Canada. The US was hit with the worst part of the storm and total losses exceeded $7.3 billion. Irene lost much of its steam as it rolled into Canada, but powerful winds still managed to knock out electricity in NB, NS and Quebec, leaving hundreds of thousands without power.

To read about Hurricane Irene, click here.

To read about how to mitigate storm claims, click here.

Japanese tsunami

A devastating 9.0-magnitude earthquake that resulted in a subsequent tsunami crippled Japan in March, and was named one of the five most powerful storms in the world. Insured losses from this catastrophic event were estimated between US$14.5 billion and US$34.6 billion. The quake also caused extensive damage to the Fukushima Dai-ichi nuclear power plant.

To read about the lessons the industry learned, click here.

To read reinsurers’ responses to this event, click here.