Intact Financial Estimates C$611 Million in 3Q Catastrophe Losses
By Ben Glickman
Intact Financial estimates third-quarter pretax catastrophe losses of 611 million Canadian dollars, the equivalent of about $446 million, or C$2.56 a shares after taxes, net of reinsurance.
That's up from the C$570 million in weather-related losses the company had estimated for the first two months of the quarter.
The Toronto-based insurance company said Thursday that there were no weather-related catastrophe events in September.
Over 90% of losses in the company's Canada business in the third quarter came from 14 severe weather events, which included floods, hailstorms and wildfires, Intact said. About a third of losses in Canada were attributable to the wildfires in British Columbia and the Northwest Territories.
The company also saw catastrophe losses in its U.S. segment from a hailstorm and tornado in Arkansas.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 12, 2023 18:02 ET (22:02 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy