Intact reports catastrophe loss estimate for Q3

Intact reports catastrophe loss estimate for Q3

Intact reports catastrophe loss estimate for Q3 | Insurance Business Canada

Insurance News

Intact reports catastrophe loss estimate for Q3

Losses within Canadian segment driven by severe weather events

Insurance News

By
Mika Pangilinan

Intact Financial Corporation has reported around $611 million in estimated catastrophe losses for the third quarter of 2023.

This figure is higher than the previous estimate of $570 million in weather-related losses provided by the P&C insurer on August 31 for the first two months of the quarter.

A press release from Intact said the revised estimate reflects non-weather events since there were “no significant weather-related catastrophe events in September.”




(in millions of Canadian dollars)



Canada



US



Total





Personal auto



53





53





Personal property



391





391





Commercial lines



156



11



167





Total current accident year CATs



600



11



611




More than 90% of the total losses within the Canadian segment were driven by 14 severe weather events, including widespread floods in Atlantic Canada, Quebec, and Ontario, and hailstorms in Ontario, Alberta, and Manitoba.

Additionally, approximately one-third of the losses were attributable to wildfires in British Columbia and the Northwest Territories.

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In the United States, catastrophe losses were primarily related to a hailstorm and a tornado that occurred in Arkansas.

“Despite the scale of the fire, flood, and freeze events, we maintained a strong balance sheet and delivered a 13% operating ROE, a testament to the resilience of our operations,” CEO Charles Brindamour said of Intact’s second-quarter results. “We will continue to leverage our experience with natural disasters to collaborate with governments and help communities adapt to climate change.”

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