Canadian property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the third quarter of 2021 are $365 million, pre-tax.
Claims mostly reflected the impact of severe weather events including rain and hail storms in Alberta, Ontario, and Atlantic Canada, as well as flooding in the UK, and Hurricane Ida.
Nearly 60% of the losses were in Canada, where approximately two-thirds affected personal property, Intact Financial noted.
Of the losses outside Canada, three-quarters impacted UK&I commercial lines and approximately 10% were in US commercial lines.
“Our people are working tirelessly to help customers get back on track. Our work over many years has built a highly resilient business, and momentum is strong across the platform,” said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation.
“This enables us to provide second to none service to our customers, and to invest in helping society be better prepared for extreme events.”
Intact Financial is the largest provider of property and casualty (P&C) insurance in Canada. In the US, Intact Insurance Specialty Solutions provides a range of specialty insurance products and services, and outside of North America, the company provides personal, commercial and specialty insurance solutions across the UK, Ireland, Europe and the Middle East through the RSA brands.