Insured losses from the Alberta floods have exceeded $C1.7 billion ($1.76 billion), making them Canada’s costliest natural disaster.

“It’s a staggering number that we expect will go even higher,” Insurance Bureau of Canada VP Western and Pacific Bill Adams said.

The costs were calculated by Property Claim Services Canada, which tracks catastrophe losses.

Four people died and 100,000 were forced from their homes after torrential rainfall from June 20 to 24. More than 25,000 claims have been filed.

It followed flooding in Toronto, in the province of Ontario, earlier this year.

AM Best says losses are expected from commercial lines, including business interruption claims, while auto insurers face exposure from comprehensive policies.

“For the most part, homeowners policies exclude coverage for overland water.”

The ratings agency has maintained a stable outlook for the Canadian property and casualty industry.

“While several recent catastrophe events will negatively affect this year’s earnings, AM Best believes core performance will continue to benefit from profitability initiatives, and the industry will maintain its strong risk-adjusted capitalisation.”