Intact Financial unveils Q4 2022 catastrophe loss estimate

Intact Financial unveils Q4 2022 catastrophe loss estimate | Insurance Business Canada

Intact Financial unveils Q4 2022 catastrophe loss estimate

Intact Financial Corporation has revealed its estimated catastrophe losses for the fourth quarter of 2022, pegged at about $143 million on a pre-tax basis (or $0.63 per share after-tax).

When the total catastrophe loss estimate of $143 million is broken down, Intact’s Canadian personal lines saw an estimated $13 million and commercial lines an estimated $64 million in catastrophe losses. Meanwhile, the company’s personal and commercial lines in the UK and Ireland each saw estimated catastrophe losses of $63 million and $3 million, respectively.

According to Intact, the catastrophe losses in the Canadian segment mostly reflected the impact of windstorms that struck eastern Canada in late December. The Canadian losses also represented further development of losses sustained earlier in 2022.

The company’s estimated personal lines catastrophe losses in the UK and Ireland were mainly attributed to a prolonged period of freezing weather in December, which resulted in burst pipes in homes.

"Our teams have been working tirelessly to get customers back on track after recent severe weather events," said Intact Financial CEO Charles Brindamour. "Despite challenging winter weather in the fourth quarter, I am pleased with the resilience of our platform."

In November, Intact Financial reported seeing a 23% rise in net income for the quarter ending September 30, 2022, despite “active weather” and ongoing cost pressures. The company reported a profit of $370 million, up from $300 million during the same period in 2021.