CatIQ has raised its market-wide insured loss figure for the March 2025 ice storm in Ontario and Quebec to C$490 mn.
The number, disclosed today, marks the fourth industry estimate and reflects losses six months after the event.
The update shows a climb from July’s C$416 mn estimate, with personal lines in Ontario still driving much of the increase.
The total includes both commercial and residential property claims, motor losses, and related adjustment expenses.
According to CatIQ, costs continue to rise faster than claim counts, pointing to more expensive claims than expected.
The storm hammered southern Ontario and Quebec from 28 to 31 March 2025. Some areas in the Kawarthas endured freezing rain for 35 hours, with ice build-up reaching 25 mm.
Power lines, trees, and infrastructure cracked under the strain. Hundreds of thousands lost electricity, and outages dragged on for weeks in certain communities.
Director Caroline Floyd noted that seasonal properties may explain part of the cost creep. Owners discovered damage only in the summer, months after the storm.
Remote locations also made repairs more complex, as resources needed to travel farther or wait until damaged infrastructure allowed access.
Two-thirds of personal claims are now closed, so it will be telling to see whether costs grow again ahead of the one-year mark.
Caroline Floyd, CatIQ Director
Ice storms remain a known threat across the Lower Great Lakes and St. Lawrence regions. Canada’s 1998 event remains one of the country’s worst weather disasters. More recent severe storms hit in April 2018 and 2023, showing a pattern of late-winter volatility.
CatIQ will release a fifth estimate on 31 March 2026, one year after the event, to capture the full development of claims. Detailed meteorological records, damage logs, and related news continue to be available through CatIQ’s subscription platform.
Toronto-based CatIQ, a subsidiary of Zurich’s PERILS AG, provides catastrophe data and analytics for Canada. PERILS itself delivers global natural catastrophe exposure and industry loss data to insurers, reinsurers, and ILS investors under subscription license.
