Toronto-based property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the fourth quarter of 2021 are $186 million, pre-tax.
Approximately 55% of the catastrophe losses were recorded in the company’s Canada segment, with half in personal property.
This mostly reflected the impact of floods in British Columbia, as well as windstorms across Ontario and Quebec in December.
Intact Financial attributed around 20% of the losses to its UK&I segment and 5% to US specialty lines.
The remainder will be reported in Corporate & Other as a result of internal reinsurance.
“Our teams have been working tirelessly to quickly get our customers back on track. The unprecedented flooding in British Columbia last November serves as a reminder that as a society we need to take immediate action to adapt to a changing climate,” said Charles Brindamour, Chief Executive Officer of Intact Financial Corporation.
“Despite challenging weather, the performance of our business continues to be strong,” he added.
Notably, Intact Financial’s Q4 loss figure is substantially lower than the $356 million it reported for the Q3 period, following rain and hail storms in Alberta, Ontario, and Atlantic Canada, as well as flooding in the UK, and Hurricane Ida.
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.