TORONTO, Oct. 12,
2023 /CNW/ - Intact Financial Corporation (TSX:
IFC) today provided an update to the market on catastrophe events
in the third quarter of 2023. The company estimates that total
catastrophe losses1 for the quarter were approximately
$611 million on a pre-tax basis and
net of reinsurance ($2.56 per share
after-tax). This compares with the estimate of $570 million in weather-related losses provided
on August 31 for the first two months
of the quarter. The increase in the estimate reflects non-weather
events as there were no weather-related catastrophe events in
September.
The table below provides a breakdown of the catastrophe losses
by reporting segment:
(in millions of
Canadian dollars)
|
Canada
|
US
|
Total
|
Personal
Auto
|
53
|
-
|
53
|
|
|
|
|
Personal
Property
|
391
|
-
|
391
|
|
|
|
|
Commercial
Lines
|
156
|
11
|
167
|
Total current
accident year CATs
|
600
|
11
|
611
|
- More than 90% of the losses in the Canada segment were driven by 14 severe
weather events, including floods in Atlantic Canada, Quebec and Ontario, as well as hailstorms in Ontario, Alberta and Manitoba. Approximately a third of the losses
was attributable to the wildfires in British Columbia and the Northwest Territories.
- In the US, catastrophe losses were related to a hailstorm and a
tornado in Arkansas.
1 For details on our catastrophe loss
expectations, definition and disclosure policy, please refer to
Section 11 in our Management's Discussion and Analysis for the year
ended December 31, 2022, which is
incorporated by reference. This document is available on our
website at www.intactfc.com and on SEDAR+
at www.sedarplus.ca.
About Intact Financial
Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $21
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
In the UK, Ireland, and
Europe, Intact provides personal,
commercial and specialty insurance solutions through the RSA
brands.
Forward-Looking
Statements
Certain statements made in this press release are
forward-looking statements. These statements include, without
limitation, statements relating to estimated catastrophe losses,
including on a per common share basis, and the Company's response
to ongoing wildfires. The words "may", "will", "would", "should",
"could", "expects", "plans", "intends", "trends", "indications",
"anticipates", "believes", "estimates", "predicts", "likely",
"potential" or the negative or other variations of these words or
other similar or comparable words or phrases, are intended to
identify forward-looking statements. Unless otherwise indicated,
all forward-looking statements in this press release are made as of
the date hereof and subject to change.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In the case
of estimated claims and losses, due to the preliminary nature of
the information available to prepare estimates, future estimates
and the actual amount and categorization of claims and losses
associated with events described above may be materially different
from current estimates.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in the "Risk Management" sections of the Company's Q2-2023
Management's Discussion and Analysis (Sections 19-20), and the
Company's Management's Discussion and Analysis for the year ended
December 31, 2022 (Sections 30-34),
in Notes 10 and 13 of the Company's Consolidated Financial
Statements for the year ended December 31,
2022 and in the Company's Annual Information Form dated
February 7, 2023, all of which are
available on our web site at www.intactfc.com or on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect the Company. These
factors should, however, be considered carefully. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, the Company cannot assure investors
that actual results will be consistent with these forward-looking
statements. Investors should not rely on forward-looking statements
to make decisions and investors should ensure the preceding
information is carefully considered when reviewing forward-looking
statements made in this press release. Undue reliance should not be
placed on forward-looking statements made in this press release.
The Company has no intention and undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
SOURCE Intact Financial Corporation