Canada recorded CAD $2.4 billion in insured losses from catastrophic events in 2025, according to CatIQ, with uninsured losses adding another $1.0 billion, bringing total societal losses to $3.4 billion.
While 2025 ranked as the ninth-largest insured loss year on record, it represented a significant drop from 2024’s record-breaking $9.1 billion. However, the year was far from quiet. CatIQ reported 17 catastrophe events, tying for the second-highest number of catastrophes declared in Canada, a reminder that risk is no longer concentrated in a single season or region.
The costliest event was the late-March ice storm in Ontario and Quebec, which generated $490 million in insured losses, accounting for nearly one quarter of the year’s total. The storm is now the second-costliest ice storm on record, behind only the historic 1998 event.
CatIQ also reported the highest number of fire-related catastrophe declarations, including fires in provinces that had never previously experienced an industry fire catastrophe. This shift is an important signal that wildfire risk is expanding beyond traditional hotspots.
ICLR emphasized that extreme hazards cost Canadians billions every year, and that small, proven resilience investmentscan prevent or reduce many losses. For insurers, brokers, and policyholders, the message is clear: catastrophe risk is spreading, claims are becoming more complex, and preparedness is quickly becoming a competitive advantage.
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