Intact Financial Corporation has reported around $611 million in estimated catastrophe losses for the third quarter of 2023.
This figure is higher than the previous estimate of $570 million in weather-related losses provided by the P&C insurer on August 31 for the first two months of the quarter.
A press release from Intact said the revised estimate reflects non-weather events since there were “no significant weather-related catastrophe events in September.”
The table below shows a breakdown of Intact’s third-quarter catastrophe losses:
|
(in millions of Canadian dollars) |
Canada |
US |
Total |
|
Personal auto |
53 |
- |
53 |
|
Personal property |
391 |
- |
391 |
|
Commercial lines |
156 |
11 |
167 |
|
Total current accident year CATs |
600 |
11 |
611 |
More than 90% of the total losses within the Canadian segment were driven by 14 severe weather events, including widespread floods in Atlantic Canada, Quebec, and Ontario, and hailstorms in Ontario, Alberta, and Manitoba.
Additionally, approximately one-third of the losses were attributable to wildfires in British Columbia and the Northwest Territories.
In the United States, catastrophe losses were primarily related to a hailstorm and a tornado that occurred in Arkansas.
During the previous quarter, Intact reported catastrophe losses amounting to $421 million. This was a $176 million year-on-year increase from 2022.
“Despite the scale of the fire, flood, and freeze events, we maintained a strong balance sheet and delivered a 13% operating ROE, a testament to the resilience of our operations,” CEO Charles Brindamour said of Intact’s second-quarter results. “We will continue to leverage our experience with natural disasters to collaborate with governments and help communities adapt to climate change.”
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