Intact expects $148.5m cat hit in Q4

Canadian property and casualty insurer  Intact Financial Corporation has estimated catastrophe losses for the fourth quarter of 2021 of approximately C$186 million ($148.5 million) on a pre-tax basis.

Approximately 55 percent of the catastrophe losses come from its Canada segment, with half in personal property, reflecting the impact of floods in British Columbia, as well as windstorms across Ontario and Quebec in December.

Approximately 20 percent of the losses were attributable to the UK&I segment and 5 percent was in US specialty lines.

The remainder will be reported in corporate & Other as a result of internal reinsurance, the company said.

"The unprecedented flooding in British Columbia last November serves as a reminder that as a society we need to take immediate action to adapt to a changing climate," said Charles Brindamour (pictured), chief executive officer of Intact Financial Corporation. "Despite challenging weather, the performance of our business continues to be strong."

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