Intact Financial Corp. estimates that its catastrophe losses due to wildfires and other weather total about $570 million for the third quarter so far. The McDougall Creek wildfire burns on the mountainside above houses in West Kelowna, B.C., Friday, Aug. 18, 2023. THE CANADIAN PRESS/Darryl Dyck
TORONTO – Intact Financial Corp. estimates that its catastrophe losses due to wildfires and other weather events total about $570 million for the third quarter so far.
The property and casualty insurance company says the amount comes to about $2.40 per share, but noted the wildfires continue to burn and actual losses may differ from its estimate.
Intact says it will issue an update in early October if its catastrophe losses increase materially by the end of the quarter.
The insurer noted that the 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.
This year has seen the worst wildfire season in Canada on record.
Intact chief executive Charles Brindamour says 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.
This report by The Canadian Press was first published Aug. 31, 2023.
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