Intact Financial attributes half of $252 million in catastrophe losses in Canada to wildfires
TORONTO — Intact Financial Corp. estimates its catastrophe losses for the second quarter were around $421 million on a pre-tax basis.
The property and casualty insurer said in a news release the loss amounted to $1.79 per share after tax.
Intact says nearly half of the $252 million losses from Canada were attributable to wildfires, with the biggest financial impact coming from Atlantic Canada.
Intact says other notable losses included an ice storm and a flood in Quebec.
Chief executive officer Charles Brindamour said in a news release that Intact’s teams are working to get customers back on track amid a “very active season for catastrophes.”
He said this season is a reminder of the growing impact of climate change on forest fires and severe weather events.
Read more on financialpost.com
