Canadian Insured Losses from Catastrophic Events Total CAD 2.4 B in 2025; Societal Losses Total 3.4 B
Toronto (January 20, 2026) – The magnitude of catastrophic events experienced across Canada in 2025 pushed the insured loss total for the country to CAD 2.4 billion, according to CatIQ, Canada’s insured loss and exposure indices provider. Uninsured losses added $1.0 billion, bringing total societal loss to $3.4 billion, according to the Institute for Catastrophe Loss Reduction (ICLR), Canada’s leading source for disaster resilience knowledge.
The insured loss figure of CAD 2.4 billion makes 2025 the ninth largest loss year for the country on record, putting the year on the lower end of the past five years of annual loss totals, and well below the record-breaking 2024 total, which currently sits at $9.1 billion. Based on 43 years of data, insurance covers about 54% of societal losses. The 2025 total societal loss is below the long-term trend, currently $9.1 billion per year and growing 9% annually after inflation, according to ICLR.
Despite the average year in total loss, this year was anything but typical:
- 2nd in total catastrophes declared
- 2nd in ice storm losses
- 1st in fire catastrophes declared
The costliest event in 2025 was the ice storm that struck Ontario and Quebec in late March and resulted in nearly a quarter of the annual total at $490 million of catastrophic insured loss. This ice storm becomes the second costliest on record, behind the 1998 ice storm which is estimated to have caused $2.3 billion in Canada (IBC 2022).
Laura Twidle, President and CEO of CatIQ, said: “While 2025 marked a welcome reprieve after the record-shattering losses of 2024, the data shows that this “average” year was anything but. We saw the highest number of fire-related CATs declared, and, perhaps more notably these all occurred in provinces that had never had a prior industry fire catastrophe. Those events came after a string of quiet catastrophes that saw the year start with a series of snow- and melt-related events in southern Ontario and Quebec, culminating with a major ice storm that drove almost a quarter of the year’s losses. With 17 events overall, the year is now tied in second for the largest number of catastrophes declared, demonstrating that even a “slow” year brings its own challenges.”
Paul Kovacs, Executive Director of ICLR, said: “Extreme hazards cost Canadians billions of dollars in insured and uninsured damage each year. In 2025 this included winter storms and wildfire damage across the country. In 2024 this included flooding, hail, and wildfire. It need not be so. Small investments in proven protection can reduce or prevent most losses.”
These catastrophic events directly impact the public and require the (re)insurance industry, academia, and government to work together before, during and after each loss. To foster greater collaboration between key stakeholders, CatIQ, in partnership with MSA Research, will again host CatIQ Connect – Canada’s Catastrophe Conference – which will take place on February 2-4, 2026 at the Marriott Downtown at CF Eaton Centre.
To learn more about CatIQ Connect and to register, cisit https://connect.catiq.com/.
About CatIQ
Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) is a subsidiary of Zurich-based PERILS A.G. and delivers detailed analytical and meteorological information on Canadian natural and man-made catastrophes. Through its online subscription-based platform, CatIQ combines comprehensive insured loss and exposure indices and other related information to better serve the needs of the insurance / reinsurance / ILS industries, public sector and other stakeholders. www.catiq.com. CatIQ was established in 2014 with the support of the overwhelming majority of the Canadian insurance and reinsurance industry and is widely recognized as the most reliable source of catastrophe loss information in Canada. CatIQ also partners with MSA Research to host the Canadian catastrophe conference, CatIQ Connect, connect.catiq.com.
For more information, please contact:
Laura Twidle | CatIQ | Tel: 1(416)368-1723 x1 | Laura.twidle@catiq.com | www.catiq.com
About ICLR
The Institute for Catastrophic Loss Reduction (ICLR) is a world-class centre for multidisciplinary disaster prevention research and communication. ICLR is an independent, not-for-profit research institute founded by the insurance industry and affiliated with Western University, London, Ontario. The Institute’s mission is to reduce the loss of life and property caused by severe weather and earthquakes through the identification and support of sustained actions that improve society’s capacity to adapt to, anticipate, mitigate, withstand and recover from natural disasters. For more information, please contact Paul Kovacs, pkovacs@iclr.org.