Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses quarter-to-date of approximately $1.1 billion, pre-tax and net of reinsurance, well above expectations for a third quarter.
The insurer says that it is helping thousands of clients get back on track after suffering significant damages from four severe weather events across the country, including torrential rains in Southern Ontario, wildfires in Jasper, hailstorms in Calgary, and flooding in Quebec.
In early October, the company will issue an update on any other significant catastrophe losses if they occur or if the amount of losses materially differ from the current estimate.
Charles Brindamour, Chief Executive Officer of Intact Financial, commented, “This is an exceptionally challenging and stressful time for thousands of Canadians and our top priority is to help customers get back on track as quickly as possible.
“Our organization continues to show operational and financial resiliency in the face of these unusually severe weather events, with strong underlying performance, a robust balance sheet and mid-teens operating ROE. We expect these extreme weather events to add further pressure to current market conditions.”
In Quebec, the insurer has contacted nearly every impacted customer and deployed adjusters and appraisers to help customers whose homes, cars, and businesses have been damaged.
In Ontario, Intact’s restoration supplier, On Side, has deployed more than 1,000 people on the field to support homeowners and businesses in their restoration efforts.
Similarly, in Alberta, the claims team is on the ground in Jasper supporting customers as they return to their homes, with hail drive-through centres established in Calgary to help expedite the vehicle inspection and claims process.
The post Intact’s Q3 catastrophe losses already at $1.1bn appeared first on ReinsuranceNe.ws.