Insurance industry losses from the ice storm that hit Ontario and Quebec between March 28 and 31 are estimated to have reached CAD $416 million, according to CatIQ, Canada’s insured loss and exposure index providerThis marks CatIQ’s third loss estimate from the event and compares to its second loss estimate of CAD $402 million which was released on May 15.which was issued on April 30, where losses had surpassed CAD $340 million.CatIQ’s loss estimate covers property (both commercial and residential) and vehicle (motor) claims including additional loss adjustment expenses.

The company noted that this 90-day estimate reflects continued growth in personal lines, while commercial and motor lines appear to have stabilised.The event involved a prolonged period of wintry precipitation across southern Ontario and Quebec, with areas in the Kawarthas reportedly experiencing up to 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.

Power disruptions persisted for weeks in the hardest-hit areas,” CatIQ commented.CatIQ confirmed that a fourth market loss update from the ice storm will be published on September 30, 2025, six months after the event end date.Caroline Floyd, Director of CatIQ, commented: “While we typically expect to see increases in claims numbers slow by the 90-day mark, the continued growth in personal claims is not surprising, given the location of the most significant damage.” Adding: “It is understandable that there may have been delays in reporting damage from cottage or holiday properties that were only more recently re-opened for the summer season.”.

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