Intact Financial Corp. reported an estimated C$244 million (US$173.2 million) in net, pretax catastrophe losses for the first quarter of the year, driven by a series of weather-related events across Canada, the United Kingdom, Ireland, and the United States.
In a statement, the company said the majority of losses were associated with severe weather conditions, including water damage and ice storms in Ontario and storm activity in the UK and Ireland.
In the United States, Intact recorded C$47 million in catastrophe losses, largely tied to commercial fire incidents and a separate property loss.
The company also disclosed that C$30 million net pretax losses from storms in the UK were attributed to its exited home insurance operations. These losses will be recorded within the underwriting results for discontinued lines, according to the company.
The latest figures follow the company’s fourth-quarter 2024 financial results, which showed a 5% increase in operating direct premiums written, led by growth in personal lines and supported by rate increases in commercial lines.
Intact reported a combined ratio of 86.5% for the quarter, a 3.6-percentage-point improvement from the prior year. Net operating income per share rose 23% to $4.93, driven in part by gains in investment and distribution income.
Several significant weather events impacted Canada, the United Kingdom, Ireland, and the United States in the opening quarter of 2025, leading to substantial insured losses.
In January, the UK experienced an uptick in extreme weather conditions, including severe storms and flooding.
Later in the month also saw Storm Éowyn hitting Ireland, bringing strong winds and heavy snowfall. Met Éireann issued a Status Red wind warning for several counties, anticipating gusts up to 200 km/h and snowfall accumulations up to 10 cm.
Insurance Ireland estimated that claims related to Storm Éowyn could reach €300 million, making it the most expensive weather event in the country in the past 25 years.
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