Canadian property and casualty insurers Intact Financial Corporation and Definity Financial Corporation have both released catastrophe loss estimates for the third quarter of 2026.
Intact estimates that total catastrophe losses for Q3’26 were approximately $660 million on a pre-tax basis and net of reinsurance.
The loss estimate consisted of $52 million in Personal Auto losses, $390 million in Personal Property losses and $173 million in Commercial lines.
For the lines most impacted, namely Personal Property and Commercial lines in Canada, Intact said catastrophe losses were driven by severe weather events, including storms causing flooding, water and wind damage across several regions, as well as wildfires in British Columbia.
“After benign activity in 2025 and early 2026, the severe weather events of recent months have brought our teams, supply chain and restoration network together to help customers recover and quickly get back on track,” said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation. “At an industry level, these events reinforce firm market conditions.”
Ken Anderson, Chief Financial Officer of Intact Financial Corporation, added, “While the third quarter is historically an active period for weather events, over the past 12 months catastrophe losses totaled $1.29 billion, modestly above our annual guidance of $1.20 billion.
“The Intact platform continues to demonstrate its resilience and strength, supported by a robust balance sheet and earnings profile that position us to deliver on our financial objectives and capture opportunities.”
Meanwhile, Definity estimates that catastrophe losses in Q3’26 would negatively impact underwriting income by approximately $190 million, net of reinsurance recoveries, representing $1.15 per common share, net of taxes and reinsurance.
The estimate consists of $17 million from Personal Auto, $136 million from Personal Property and $37 million from Commercial Insurance.
Definity noted that events in July and August included severe rainstorms that caused flooding in Ontario and Alberta, as well as wildfires in British Columbia. Subsequently, a large storm system brought damaging winds, hail and flooding to southern Ontario in early September.
“Severe weather-related events this summer continued into September and impacted communities across the country,” said Rowan Saunders, President and CEO, Definity. “Throughout these events we remain focused on supporting customers by leveraging the expertise of our teams and our proven catastrophe response capabilities.”
