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

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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 “very active season for catastrophes.”

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.

Companies in this story: (TSX:IFC)

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