After assessing the cost of catastrophic losses to be $421-million in the second quarter of 2023, Intact Financial Corporation has made a further announcement saying it expects catastrophe losses in the third quarter of 2023 to reach approximately $570-milllion before tax. The company says this works out to approximately $2.40 per share.
“Given that wildfires are still active, actual losses may differ from this estimate. We will issue an update in early October if catastrophe losses increase materially by the end of the quarter.”
In the second quarter announcement, Intact said nearly half of the losses in Canada are attributable to wildfires, particularly those that occurred in the Atlantic provinces, notably in Nova Scotia.
The late August announcement, meanwhile, indicates that the company has deployed its catastrophe response plan to support customers impacted by ongoing wildfires in British Columbia and the Northwest Territories.
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Intact assesses the cost of catastrophic losses at $421M in the last quarter
