Intact Financial Corporation announced on Jan. 11 estimated catastrophe losses for Q4 2021 of approximately $186 million on a pre-tax basis ($0.80 per share after-tax).
The insurer stated that approximately 55 per cent of the catastrophe losses were in its Canada segment, with half in personal property. “This mostly reflected the impact of floods in British Columbia, as well as windstorms across Ontario and Quebec in December,” stated the company in an announcement.
About 20 per cent of the losses were attributable to the UK & International segment and five per cent was in US specialty lines. The remainder will be reported in Corporate & Other as a result of internal reinsurance, said the insurer.
"Our teams have been working tirelessly to quickly get our customers back on track. The unprecedented flooding in British Columbia last November serves as a reminder that as a society we need to take immediate action to adapt to a changing climate," said Charles Brindamour, Chief Executive Officer of Intact. "Despite challenging weather, the performance of our business continues to be strong."
