Toronto, ON (Mar. 31, 2026) \u2013 Insured damage from last year\u2019s 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<\/a> issued shortly after the event. The storm was the costliest severe weather event of 2025<\/a> across the country and now ranks as the sixth costliest in Ontario\u2019s history.<\/p>\n \u201cSevere weather events continue to intensify. Insured losses from catastrophic weather and wildfires have nearly tripled over the past decade, rising from $14\u202fbillion annually to $37\u202fbillion, while claims have almost doubled,\u201d said Maximilien Roy, Vice-President, Strategy, Insurance Bureau of Canada (IBC). \u201cThis reality demands a different approach to how we build and plan communities \u2013 and investing in resilience now is critical to keeping Canadians safe and insurance available and affordable.\u201d<\/p>\n Canada\u2019s P&C insurance industry continues to urge governments of all orders to take meaningful action to reduce growing disaster risks by investing in flood\u2011defence infrastructure, strengthening land\u2011use planning to keep development out of flood\u2011prone areas, expanding FireSmart initiatives in communities at high wildfire risk, and implementing long\u2011overdue updates to building codes to better protect homes, businesses and livelihoods.<\/p>\n \u201cCanada has the opportunity to be a world leader in resilience, but seizing that opportunity will require concerted action,\u201d added Roy. \u201cInsurers 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.\u201d<\/p>\n Last year, following the worst year for catastrophic weather events<\/a> in Canada\u2019s history, IBC released a new three\u2011point resilience plan<\/a> that sets out clear priorities for governments to better protect communities across the country. The plan calls for governments to:<\/p>\n The amount of insured damage is an estimate provided by CatIQ <\/i>under licence to IBC.<\/i><\/p>\n Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada\u2019s private home, auto and business insurers. Its member companies make up the vast majority of Canada\u2019s highly competitive property and casualty (P&C) insurance market. As the leading advocate for Canada\u2019s 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<\/a>.<\/p>\n 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.<\/p>\n 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<\/a>.<\/p>\n Source: Insurance Bureau of Canada (IBC)<\/em><\/p>\n Tags: Natural Catastrophes<\/a>, natural disaster losses<\/a>, resilience<\/a>, severe weather<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":" Canada\u2019s costliest disaster of 2025 underscores the importance of building more resilient communities Toronto, ON (Mar. 31, 2026) \u2013 Insured damage from last year\u2019s late March ice storm in Ontario and Quebec is now estimated...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/24941"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=24941"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/24941\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=24941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=24941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=24941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
About Insurance Bureau of Canada<\/b><\/h4>\n
About CatIQ<\/b><\/h4>\n