Latest cost tally for March 2025 Ontario and Quebec ice storm

A severe March ice storm that battered Ontario and Quebec cost the industry $490 million, according to the latest estimate from Catastrophe Indices and Quantification Inc. (CatIQ). The storm caused widespread power outages and numerous municipal states of emergency.

This is the fourth industry loss estimate on the storm that happened Mar. 28 to Mar. 31, issued six months after the event. It marks a $74 million increase atop the $416 million third estimate total released in early July.

The loss number covers both commercial and residential property and motor vehicle claims, including additional loss adjustment expenses. CatIQ says the fifth update will be issued a year after the event on Mar. 31, 2026.

“Continued creep in the personal line losses highlights the extent of damage across south-central Ontario and southern Quebec, particularly for those homes and vacation properties in more remote areas. Notably, growth in estimated incurred costs continues to outstrip growth in the number of claims, suggesting claims are proving more expensive than initially anticipated in some cases,” says CatIQ director Caroline Floyd in the news release.

“Certainly, the extent of the increase at this six-month mark is somewhat out of the norm, but it seems more reasonable when one considers that many of the affected properties may be seasonal access, leaving property owners to only discover the extent of damage during the summer months.”

Related: Insured damage from Calgary hailstorm in July nearly doubles

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.

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

“It’s possible additional challenges of access – be it delays caused by damage to infrastructure, or just the need to move resources over larger distances – could be exacerbating cost increases,” Floyd adds.

“With approximately two-thirds of personal claims now estimated to be closed, it will be interesting to see if we find additional growth between now and the one-year estimate.”

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.