Intact Financial Declares $186 Million In Catastrophe Losses
Intact Financial Corporation (TSX: IFC) announced on Tuesday its estimated catastrophe losses for Q4 2021. The amount is expected to be approximately $186 million pre-tax.
The losses suffered during the quarter were mainly due to the heavy storm and flooding that hit British Columbia in November 2021.
“Our teams have been working tirelessly to quickly get our customers back on track,” said CEO Charles Brindamou.
The company estimates around 55% of the losses came from its Canada segment, half of which were damages to personal property. Meanwhile, 20% of the losses came from its UK & international segment and 5% from US specialty lines. In addition, the remainder of the losses is said to be included in Corporate & Other “as a result of internal reinsurance.”
In December 2021, the Insurance Bureau of Canada estimated that the BC flooding caused around $450 million in insured damages.
Intact Financial last traded at $164.95 on the TSX Venture.
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