Intact Financial Corporation has estimated that catastrophe losses incurred so far in the third quarter of 2023 from wildfires and other weather events amount to approximately CAD 570 million pre-tax.
The firm highlights that these estimated losses relate to a number of events in July and August, none of which met the threshold for reinsurance under its catastrophe reinsurance treaties.
In response to the ongoing wildfires in British Columbia and the Northwest Territories, Intact states that it has deployed its catastrophe response plan to support customers.
The company stated that it has already started the claims process for many of its customers, and rebuilding efforts will begin in the affected communities over the coming days and weeks.
Charles Brindamour, Chief Executive Officer of Intact Financial Corporation, said, “These are difficult times for our customers and their communities. We are entirely focused on getting them back on track as quickly as possible. Our employees across Canada are supporting customers by providing confirmation of coverage and funding for additional living expenses, and are on the ground where possible to offer assistance.”
Given that the wildfires are still active, Intact warns that actual losses may differ from this estimate, and the company will issue an update early October if catastrophe losses increase materially by the end of the quarter.
Intact reported estimated catastrophe losses for Q2 2023 of approximately CAD 421 million on a pre-tax basis, net of reinsurance, with almost half of the losses in the Canada segment, which totalled CAD 335 million, attributable to wildfires.
