Insurer Intact Financial reports $421 million in catastrophe losses in second quarter

TORONTO –

Intact Financial Corp. estimates its disaster losses for the second quarter had been round $421 million on a pre-tax foundation.

The property and casualty insurer says in a news launch the loss amounted to $1.79 per share after tax.

Intact says practically half of the $252 million losses from Canada had been attributable to wildfires, with the largest monetary influence coming from Atlantic Canada.

Intact says different notable losses included an ice storm and a flood in Quebec.

CEO Charles Brindamour says in a news launch that Intact’s groups are working to get clients again on monitor amid a “very active season for catastrophes.”

He says this season is a reminder of the rising influence of local weather change on forest fires and extreme climate occasions.

This report by The Canadian Press was first printed July 10, 2023.