Severe weather has hit the bottom line of Intact Financial Corporation. Intact has announced its estimated catastrophe losses for the third quarter of 2021 of about $365 million on a pre-tax basis, or $1.59 per share after-tax.
Claims mostly reflected the impact of severe weather events including rain and hail storms in Alberta, Ontario, and Atlantic Canada, flooding in the U.K., and Hurricane Ida.
Nearly 60 percent of the losses were in Canada, where about two-thirds affected personal property. Of the losses outside Canada, three-quarters impacted UK&I commercial lines and 10 per cent were in U.S. commercial lines.
Business is resilient
“Our people are working tirelessly to help customers get back on track,” said Charles Brindamour, Chief Executive Officer of Intact Financial. “Our work over many years has built a highly resilient business and momentum is strong across the platform. This enables us to provide second-to-none service to our customers, and to invest in helping society be better prepared for extreme events,” said Brindamour.