Intact reports $421 million in losses for Q2

BUSINESS

Insurer Intact Financial reports $421 million in catastrophe losses in second quarter

Published Monday, July 10, 2023 7:03PM EDT

Charles Brindamour, Chief Executive Officer of Intact Financial Corporation, is shown in Montreal on Thursday, April 25, 2019. THE CANADIAN PRESS/Paul Chiasson

Text:

TORONTO -- Intact Financial Corp. estimates its catastrophe losses for the second quarter were around $421 million on a pre-tax basis.

The property and casualty insurer says in a news release the loss amounted to $1.79 per share after tax.

Intact says nearly half of the $252 million losses from Canada were attributable to wildfires, with the biggest financial impact coming from Atlantic Canada.

Intact says other notable losses included an ice storm and a flood in Quebec.

CEO Charles Brindamour says in a news release that Intact's teams are working to get customers back on track amid a 鈥渧ery active season for catastrophes.鈥�

He says this season is a reminder of the growing impact of climate change on forest fires and severe weather events.

This report by The Canadian Press was first published July 10, 2023.