CatIQ estimated insurance industry losses from the ice storm that struck Ontario and Quebec between March 28 and 31 at C$416 mn.
This figure represents CatIQ’s third loss estimate for the event, up from C$402 mn in its second estimate released on May 15 and surpassing the initial estimate of more than C$340 mn issued on April 30.
The estimate includes property claims, covering both commercial and residential sectors, as well as vehicle claims and additional loss adjustment expenses. CatIQ reported that the 90-day estimate reflects ongoing growth in personal lines claims, while commercial and motor claims appear to have stabilized.
The storm brought extended wintry precipitation to southern Ontario and Quebec, with parts of the Kawarthas experiencing up to 35 hours of freezing rain and ice accumulations reaching 25 mm.
CatIQ noted that the accumulated ice placed heavy strain on power lines, trees, and other structures, resulting in widespread damage and leaving hundreds of thousands of customers without electricity. In the most severely affected areas, power outages continued for weeks.
Caroline Floyd, Director of CatIQ, stated that while claims numbers generally increase more slowly after the 90-day point, continued growth in personal claims aligns with the pattern of damage in the most affected areas.
She also pointed out that delays in reporting damage from cottages or holiday properties, which are often reopened only for the summer, likely contributed to the ongoing increase.
While we typically expect to see increases in claims numbers slow by the 90-day mark, the continued growth in personal claims is not surprising, given the location of the most significant damage.
Caroline Floyd, Director of CatIQ
CatIQ announced it would release a fourth market loss update for the ice storm on September 30, 2025, six months after the event concluded.
