Intact Financial Corporation has announced the estimated catastrophe losses for Q2 2023 of approximately CAD421 million on a pre-tax basis, net of reinsurance.
Catastrophe loss in personal lines total CAD252 million all of which relate to Canada.
Meanwhile, commercial lines have seen a loss of CAD83 million in Canada, CAD62 million in the UK and Ireland, and CAD24 million in the US. Totalling losses up to CAD169 million in commercial lines.
Canada, at CAD335 million, accounts for the majority of the loss total for the quarter.
Intact explains that nearly half of the losses in the Canada segment were attributable to wildfires, with the greatest financial impact coming from Atlantic Canada. Other significant losses included an ice storm and a flood in Quebec earlier in the spring.
In the UK and Ireland, and the US, catastrophe losses were both weather and non-weather related.
Charles Brindamour, Chief Executive Officer of Intact Financial Corporation, commented, “Our teams are working to get customers back on track amid a very active season for catastrophes – a reminder of the growing impact of climate change on both forest fires and severe weather events.
“We will continue to leverage our expertise in building climate-resilient communities. Through our collaboration with the Intact Centre on Climate Adaptation at the University of Waterloo, there are tools available to educate Canadians on cost-effective measures to protect their homes from the growing threat of wildfires.”