CatIQ, a Toronto-based independent catastrophe insurance data provider and subsidiary of PEILS, has released its fifth and final industry loss estimate for the ice storm that affected Ontario and Quebec from March 28 to 31, 2025, reducing losses to C$466 million.
Southern Ontario and southern Quebec experienced prolonged periods of winter precipitation, with parts of the Kawarthas region seeing up to 35 hours of freezing rain and ice accumulations of up to 25 millimeters.
The ice accumulation put severe stress on power lines, trees and other surfaces, causing widespread damage and knocking out power to hundreds of thousands of customers. In the worst-hit areas, power outages lasted for weeks.
The latest loss estimates provide a snapshot of the insurance market one year after the event. Loss figures cover property (commercial and residential) and auto claims and include additional loss adjustment charges.
CatIQ released three weeks after the April 30, 2025 event, with preliminary industry loss estimates for the event at C$342 million.
The final estimate is slightly lower than the 6-month estimate of C$490 million released on September 30, 2025, primarily due to lower personal line losses in Ontario.
CatIQ Director Caroline Floyd commented: “The final estimates show individual insured losses are down slightly from the six-month mark, following, as noted at the time, slightly above-average growth last autumn. It currently appears that insurers are reasonably confident that they have received all outstanding claims, particularly those relating to any seasonally accessed properties, and have released additional reserves.
“This assumption is reinforced when one looks at closed claims information, which shows that more than 90% of individual insurance claims have been closed. This is in line with our general expectations one year out from an event of this size.”
