CatIQ, Canada’s insured loss and exposure index provider, has issued its fifth and final industry loss estimate from the ice storm that struck Ontario and Quebec in late March 2025, putting the insured market loss at CAD $466 million, a 5% decrease from its fourth loss estimate of CAD $490 million that was issued in September.which was issued on April 30, where losses had surpassed CAD $340 million.The company then published a second estimate in May, at more than CAD $402 million, before , and then eventually to CAD $490 million in September.

CatIQ’s loss estimate covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses.CatIQ observed that the slight reduction from the six-month estimate is mainly attributed to a decrease in personal lines losses in Ontario.The event involved a prolonged period of wintry precipitation across southern Ontario and Quebec between March 28 and 31, 2025, with areas in the Kawarthas reportedly experiencing as many as 35 hours of freezing rain and ice accretion of up to 25 mm.

CatIQ explained that 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.“Ice events are common across the Lower Great Lakes and St.Lawrence regions; one of the most impactful events in Canadian history struck parts of the region in 1998.

April is also a common month for these events, with other major storms occurring in April 2018 and 2023,” CatIQ said.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.” Floyd continued: “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.”.All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.