The late-season ice storm that swept through parts of Ontario and Quebec has left an astronomical bill in its wake.
The Catastrophe Indices and Quantification Inc. estimates that the ice storm at the end of March caused approximately $342 million in insured damage.
The storm downed trees and power lines, flooded basements and damaged vehicles, with over 1 million homes and businesses in Ontario and 70,000 in Quebec without power.
The Insurance Bureau of Canada said that in some cases, properties were without power for over a week due to strong winds and heavy rainfall that prevented hydro crews from completing necessary restoration work.
“Many people had their lives disrupted and property damaged from this event. Insurers are here to help residents and businesses recover and rebuild from this storm,” said Amanda Dean, vice-president of the bureau for Ontario and the Atlantic region.
Dean notes that insurance companies are continuing to work with policyholders impacted by the storm.
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“Storms of this magnitude can take significant emotional and financial tolls on those affected,” said Dean.
The bureau warns that the frequency and severity of flooding and extreme weather in Ontario, Quebec and across Canada continue to increase each year.
In 2025, home insurance rates have risen 5.28 per cent, well above the rate of inflation, according to a report published by My Choice Financial, a Canadian insurance aggregator and comparison website.
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While there are several factors, insurance experts say climate change is a major driving force.
The Insurance Bureau of Canada reported record-breaking losses of $8.5 billion paid out in 2024, triple that seen in 2023 and 12 times the annual average between 2001 and 2010.
Amid increased risk, the bureau notes that it is collaborating with the provincial and federal governments to try to find solutions to mitigate the risks of severe weather.
The bureau is urging all levels of government to take steps to adapt to extreme weather.
The bureau’s recommendations include no longer building unprotected homes and businesses in high-risk flood and wildfire zones, enhancing flood defences in communities at high risk of flood, helping homeowners understand their risks, subsidizing home retrofits to help homeowners reduce their exposure to floods and wildfires, and investing in improved emergency preparedness, response and recovery capacity.
More information on protecting your property from potential risks is available on the Institute for Catastrophic Loss Reduction website.
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