Intact Financial Corporation, a Toronto-based property and casualty (P&C) insurer, has announced estimated catastrophe losses for Q4 2022 of approximately $143 million, pre-tax.
Cat losses in the Canadian segment were: Personal Lines $13 million, Commercial Lines $64 million. In the UK and Ireland segment, cat losses were: Personal Lines $63 million, Commercial Lines $3 million .
According to the announcement, the cat losses in the Canadian segment mostly reflect the impact of windstorms in late December across eastern Canada, as well as further development of losses from earlier in the year.
In the UK&I segment, cat losses in personal lines were primarily attributable to a prolonged period of freezing weather in December, resulting in burst pipes in homes.
“Our teams have been working tirelessly to get customers back on track after recent severe weather events,” said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation. “Despite challenging winter weather in the fourth quarter, I am pleased with the resilience of our platform.”
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.