Canada’s largest home and auto insurer, Intact Financial Corp., is likely to see $124-million in catastrophe losses due to the recent hailstorm in southern Alberta and severe spring flooding in Fort McMurray.
On Wednesday, the insurer announced it will report catastrophe losses for the second quarter of 2020 of about $124 million on a pre-tax basis, or 64 cents per share after tax. Intact says losses were all weather related, with approximately 95 per cent of the losses in Canada, and 70 per cent of those losses in personal insurance lines.
Last month, Alberta was hit with severe hailstorms with estimated damages as high as $1-billion, while spring flooding in Fort McMurray caused over $228-million in insured damages, according to the Insurance Bureau of Canada.
Intact CEO Charles Brindamour told analysts last month during a fireside chat the company was also likely to pay out more than $80-million for commercial claims arising directly from the COVID-19 pandemic.
“Despite the challenge of the COVID-19 crisis, our teams have responded quickly and worked tirelessly to help get our customers back on track,” Mr. Brindamour said in a statement. “Recognizing the hardship caused by COVID-19, we have provided over $310-million of relief, including premium adjustments and payment flexibility, to over a million of our customers.”
Intact Financial is set to report second quarterly earnings later this month.
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