Intact Financial Corporation, a Canadian property and casualty insurer, has reported that catastrophe and large losses were elevated in the second quarter and settled $247 million above the firm’s expectations on a pre-tax basis and net of reinsurance.
By segment, personal property losses were the highest at $252 million, followed by commercial lines at $37 million, and then personal auto at $6 million.
Region-wise, Canada saw losses of $295 million driven by weather events, including torrential storms that caused flooding, water, and wind damage across several regions.
Meanwhile, the United Kingdom and Ireland (UK&I) reported losses of $121 million, well above expectations, driven primarily by commercial fires. There were no losses reported in the United States.
Intact has confirmed that it also saw an unusually high level of large losses in the second quarter. The impact of these will have a 3-point overall impact on the underlying current year loss ratio for the second quarter of 2026. By lines of business: there was a 3-point impact in Canada Personal Property, a 3-point impact on Canada Commercial lines, and 7 points in the UK&I.
Intact stated, “These losses included a higher frequency of fire claims and other property losses across various geographies and risk segments. No discernible patterns have been identified.”
Charles Brindamour, Chief Executive Officer, Intact Financial Corporation, commented, “Our claims teams and extensive supply chain network are mobilised to provide our customers fast, local support.
“Together they are delivering superior service and helping our customers return to normal as quickly as possible. At an industry level, these events reinforce firm market conditions.”
