Insured damage from last year’s March ice storm in Ontario and Quebec is now estimated at $466 million, according to the latest figures from Catastrophe Indices and Quantification Inc. (CatIQ).
Canada’s costliest disaster of 2025 was initially estimated at $342 million shortly after the event. The storm now ranks as the sixth costliest in Ontario’s history and underscores the importance of building more resilient communities.
“Insured losses from catastrophic weather and wildfires have nearly tripled over the past decade, rising from $14 billion annually to $37 billion, while claims have almost doubled,” said Maximilien Roy, vice-president of strategy, Insurance Bureau of Canada (IBC). “This reality demands a different approach to how we build and plan communities – and investing in resilience now is critical to keeping Canadians safe and insurance available and affordable.”
Canada’s insurance industry is urging governments of all orders to invest in flood‑defence infrastructure, strengthen land‑use planning to keep development out of flood‑prone areas, expand FireSmart initiatives in communities at high wildfire risk, and implement long‑overdue updates to building codes to better protect homes, businesses and livelihoods.
Last year, following the worst year for catastrophic weather events in Canada’s history, IBC released a new three‑point resilience plan that sets out clear priorities for governments to better protect communities across the country.
The plan calls for governments to: build smarter by keeping new homes out of high‑risk areas and updating building codes for severe weather; strengthen hazard mapping and build public infrastructure to withstand extreme weather; and support risk‑based pricing through public‑private partnerships and avoid harmful market interventions.
“Canada has the opportunity to be a world leader in resilience, but seizing that opportunity will require concerted action,” added Roy. “Insurers and policymakers at all orders of government must work together now to protect Canadians from the growing risks they face in an increasingly volatile world.”
