CatIQ estimates C$342 million insured losses from March ice storm in Ontario and Quebec

By Mia MacGregor

April 30 - (The Insurer) - Toronto-based Catastrophe Indices & Quantification (CatIQ) has estimated that the late-March ice storm that hit Ontario and Quebec resulted in an initial industry loss of C$342 million ($247.2 million).

The figure includes property losses, both residential and commercial, as well as vehicle claims and additional loss adjustment expenses.

According to CatIQ, the storm occurred between March 28 and 31, 2025, during a period when the jet stream was beginning to retreat northward, signaling the transition to a warmer season.

A pair of low-pressure systems steered through the region, bringing a surge of milder air into conflict with the cold air entrenched at the surface over central and southeastern Ontario and southern Quebec. The result was a prolonged episode of wintry precipitation.

The Perils-owned company stated that the hardest-hit areas were located to the north and northeast of Toronto, over the slightly higher terrain of the Kawarthas, Muskoka, and Haliburton regions, where some locations recorded up to 35 hours of freezing rain.

CatIQ noted that April is also a common month for ice events across the Lower Great Lakes and St. Lawrence regions, with two major events occurring in April 2018 and 2023. CatIQ also recorded ice storm catastrophes in this region in 2013 and 2016.

“Even for a region prone to ice events, the prolonged duration of the freezing rain made this storm particularly impactful to local infrastructure, with nearly 2,000 broken power poles identified,” said Laura Twidle, president and CEO of CatIQ.

“More than 100,000 Hydro customers in Ontario were without power for days, and a portion of these outages continued for several weeks, meaning the storm caused not only significant physical damage to properties, but also widespread business interruption and the loss of frozen and refrigerated items,” Twidle added.

Canada’s largest insurer, Intact Financial Corporation, reported an estimated C$244 million of catastrophe losses in Q1 2025, pre-tax and net of reinsurance, with C$82 million of personal lines catastrophe losses, and C$28 million of commercial lines losses reported in Canada.

Definity Financial Corporation reported that it expects its first quarter 2025 operating income to be affected by approximately C$50 million ($35.6 million) of catastrophe losses, net of reinsurance and taxes. The company noted that losses include those arising from the severe ice storm in late March.