CatIQ, a Toronto-based independent catastrophe insurance data provider and subsidiary of PERILS, has released its fifth and final industry loss estimate for the ice storm that affected Ontario and Quebec between 28th and 31st March 2025, decreasing losses to CAD 466 million.
The event involved a prolonged period of wintry precipitation across southern Ontario and Quebec, with locations in the Kawarthas region recording as many as 35 hours of freezing rain and ice accretion of up to 25 mm.
The accumulated ice put significant strain on power lines, trees, and other surfaces, causing extensive damage and leaving hundreds of thousands of customers without power. In the hardest-hit areas, power disruptions persisted for weeks.
The latest loss estimate provides a snapshot of the insurance market one year after the event. The loss figure covers property (both commercial and residential) and motor claims, including additional loss adjustment expenses.
CatIQ’s initial industry loss estimate for the event, released three weeks after the event on 30th April 2025, stood at CAD 342 million.
The final estimate represents a marginal decrease compared to the sixth-month estimate of CAD 490 million issued on 30th September 2025, primarily due to a decline in personal lines losses for Ontario.
Caroline Floyd, Director of CatIQ, commented, “This final estimate shows a slight decrease in the personal line losses versus the 6-month mark, which, as noted at the time, demonstrated somewhat above-average growth last autumn. 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.
“This supposition is reinforced when one looks at the closed claims information, which shows that more than 90 percent of personal lines claims have been closed. This is in line with what we would generally expect at the one-year mark from an event of this magnitude.”
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