Ontario and Quebec Ice Storm Anniversary: Insured Losses Total $466 Million
Canada’s costliest disaster of 2025 underscores the importance of building more resilient communities
Toronto, ON (Mar. 31, 2026) – Insured damage from last year’s late March ice storm in Ontario and Quebec is now estimated at $466 million, according to the latest figures from Catastrophe Indices and Quantification Inc. (CatIQ), following an initial estimate of $342 million issued shortly after the event. The storm was the costliest severe weather event of 2025 across the country and now ranks as the sixth costliest in Ontario’s history.
“Severe weather events continue to intensify. Insured losses from catastrophic weather and wildfires have nearly tripled over the past decade, rising from $14 billion annually to $37 billion, while claims have almost doubled,” said Maximilien Roy, Vice-President, Strategy, Insurance Bureau of Canada (IBC). “This reality demands a different approach to how we build and plan communities – and investing in resilience now is critical to keeping Canadians safe and insurance available and affordable.”
Canada’s P&C insurance industry continues to urge governments of all orders to take meaningful action to reduce growing disaster risks by investing in flood‑defence infrastructure, strengthening land‑use planning to keep development out of flood‑prone areas, expanding FireSmart initiatives in communities at high wildfire risk, and implementing long‑overdue updates to building codes to better protect homes, businesses and livelihoods.
“Canada has the opportunity to be a world leader in resilience, but seizing that opportunity will require concerted action,” added Roy. “Insurers and policymakers at all orders of government must work together now to protect Canadians from the growing risks they face in an increasingly volatile world.”
Last year, following the worst year for catastrophic weather events in Canada’s history, IBC released a new three‑point resilience plan that sets out clear priorities for governments to better protect communities across the country. The plan calls for governments to:
- Stop putting people in harm’s way: Build smarter by keeping new homes out of high‑risk areas and updating building codes for severe weather.
- Invest in resilience and reduce community risk: Strengthen hazard mapping and build public infrastructure to withstand extreme weather.
- Close protection gaps driven by a changing climate: Support risk‑based pricing through public‑private partnerships and avoid harmful market interventions.
The amount of insured damage is an estimate provided by CatIQ under licence to IBC.
About Insurance Bureau of Canada
Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up the vast majority of Canada’s highly competitive property and casualty (P&C) insurance market. As the leading advocate for Canada’s private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow. IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses. For more information, visit www.ibc.ca.
About CatIQ
Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, public sector and other stakeholders.
CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. For more information, please visit catiq.com.
Source: Insurance Bureau of Canada (IBC)
Tags: Natural Catastrophes, natural disaster losses, resilience, severe weather