Final tally for March 2025 Ontario and Quebec ice storm

Final cost estimates from Catastrophe Indices and Quantification Inc. (CatIQ) place the final insurance industry loss estimate for the Mar. 28-31, 2025, ice storm in Ontario and Quebec at $466 million.

This is the fifth, and final, estimate from CatIQ and serves as a snapshot of the insurance market one year after the event.

The estimate notes the loss number covers both commercial and residential property claims, as well as auto claims, including additional loss adjustment expenses. There’s a slight decrease from the $490 million estimate issued last September due largely to a decline in personal lines losses for Ontario.

“This final estimate shows a slight decrease in the personal line losses versus the six-month mark, which, as noted at the time, demonstrated somewhat above-average growth last autumn,” says CatIQ director Caroline Floyd.

“At this point, it seems reasonable to expect that insurers feel comfortable they have received all the outstanding claims, particularly those related to any seasonal access properties, and have released their additional reserves.”

Related: Toll from Quebec and Ontario ice storms…so far

Floyd says claims data indicates more than 90% of personal lines claims have been closed, which is consistent with expectations for an event of this ice storm’s magnitude one-year on.

The multi-day March storm saw Ontario’s Kawarthas region experience 35 hours of freezing rain, resulting in up 25 mm of ice accumulation. That ice strained power lines, trees and other surfaces, leading to widespread damage and power outages for hundreds of thousands of utility customers.

Some of those disruptions lasted for weeks and may have slowed people’s ability to visit impacted properties, leading to further loss tallies.

In a related statement, Insurance Bureau of Canada adds the storm was 2025’s costliest severe weather event across Canada, and it ranks as the sixth costliest storm 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,” says Maximilien Roy, IBC’s vice president for strategy.

“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.”

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Phil Porado

Phil, an award-winning journalist with over 30 years of experience in financial topics, has been managing editor of Canadian Underwriter for more than three years.