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)

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