Intact Financial Corporation has revealed its estimated catastrophe losses for the third quarter of 2021.
The company’s projected catastrophe losses for Q3 2021 were pegged at $365 million on a pre-tax basis ($1.59 per share after-tax). Intact noted that claims mostly reflected the impact of severe weather events, which include rain and hail storms in Alberta, Ontario, and Atlantic Canada, flooding in the UK, and Hurricane Ida.
Intact did point out that almost 60% of the catastrophe losses were in Canada, where about two-thirds of the losses affected personal property. But of the losses the insurer took outside of Canada, three-quarters impacted UK and Ireland commercial lines, while another 10% were in US commercial lines.
"Our people are working tirelessly to help customers get back on track. Our work over many years has built a highly resilient business, and momentum is strong across the platform,” commented Intact Financial CEO Charles Brindamour. “This enables us to provide second to none service to our customers, and to invest in helping society be better prepared for extreme events.”
Last week, Intact’s MGA arm and charity division – Intact Public Entities and the Intact Foundation, respectively – have established a Municipal Climate Resiliency Grant, which would invest a total of $1 million in cities and towns across Canada that are improving their resilience against the impacts of climate change.