- Intact Financial Corp. (TSX:IFC) provided an update on catastrophic events in Q3 2023 that totalled C$611 million
- This compares with the estimate of C$570 million in weather-related losses provided in August for the first two months of the quarter
- More than 90 per cent of the losses in the Canada segment were driven by 14 severe weather events
- Intact Financial Corp. last traded at C$199.73 per share
Intact Financial Corp. (TSX:IFC) provided an update on catastrophic events in Q3 2023 that totalled C$611 million.
This compares with the estimate of C$570 million in weather-related losses provided in August for the first two months of the quarter. The increase in the estimate reflects non-weather events as there were no weather-related catastrophic events in September.
Personal auto losses were C$53 million in Canada, personal property losses were C$391 million in Canada, and losses among commercial lines were C$156 million in Canada, with C$11 million in the U.S.
More than 90 per cent of the losses in the Canada segment were driven by 14 severe weather events, including floods in Atlantic Canada, Québec, and Ontario. A third of the losses was attributable to the wildfires in British Columbia and the Northwest Territories. The U.S. catastrophe losses were related to a hailstorm and a tornado in Arkansas.
Intact Financial Corp. is the largest provider of property and casualty insurance in Canada. The company’s segment includes Canada, U.S. and the U.K. The Canadian segment is engaged in the underwriting of automobile, home and business insurance contracts to individuals and businesses.
Intact Financial Corp. last traded at C$199.73 per share.
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