Intact Financial has revealed its catastrophe loss estimate for the second quarter of 2017.
On Wednesday (July 5) the company announced it lost approximately $105 million on a pre-tax basis ($77 million after tax or $0.58 per share) for the quarter. Intact explained its loss for the quarter was due to clients in Quebec and Ontario being gravely affected by heavy precipitation, resulting in numerous water and wind personal property claims.
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"In the wake of the severe storms and flooding this spring, our response teams have worked tirelessly to help our customers get back on track," said Intact Financial Corporation CEO Charles Brindamour. "We will continue to ensure that the protection we offer remains sustainable and work with the Government to help Canadians adapt to climate change."
In May, Quebec Premier Philippe Couillard announced that the province will update its own flood plains map and will make the information available to the public.
Although the decision could lead to unfavorable property values, the disclosure of flood plain information could potentially lead to lower insurance costs and losses.
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