TD Bank Group expects $130 million in catastrophe claims, net of reinsurance, in its insurance business for the fiscal fourth quarter, which ran from August to October.
The figure, published on TD’s investor relations website ahead of its December 3 earnings release, is up from $15 million in the same quarter last year. It follows $117 million in the fiscal third quarter.
Across fiscal 2026, TD’s net catastrophe claims total $254 million, about two and a half times the $101 million recorded in fiscal 2025. The claims will be reflected in the bank’s Wealth Management & Insurance segment results.
TD counts as catastrophe claims those from any single event in the quarter where total claims reach at least $5 million before reinsurance. The figures are TD’s estimated pre-tax cost net of reinsurance recoveries, including reinsurance reinstatement premiums where applicable.
TD didn’t identify the events behind the losses, but its fiscal fourth quarter covered a costly stretch for Canadian insurers. The severe storms that hit southern Ontario on September 2 and 3 caused an estimated $563 million in industry insured losses, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Bald Range Fire near Summerland, BC, in August added an estimated $293 million.
The Insurance Bureau of Canada reported that severe weather caused more than $3.7 billion in insured losses this summer, the third-costliest summer on record.
Other insurers have reported similar pressure. Intact and Definity together posted $850 million in third-quarter catastrophe losses, and Fairfax said its Canadian subsidiary Northbridge had higher catastrophe losses from severe weather across Canada.
TD Insurance sells home and auto insurance directly to consumers and through affinity programs, rather than through brokers, so it competes directly with the broker channel in personal lines. A year of sharply higher catastrophe claims could affect how aggressively direct writers price personal property at renewal.
That matters for brokers competing against them in markets such as the GTA, where this year’s storms were concentrated.
TD will release its full fourth-quarter results on December 3.
