Just how severe were the recent catastrophic events to hit Canada?
From the Jasper wildfires to flooding in both Quebec and Ontario, as well as further hailstorms in Calgary, it’s been hard to escape one of the most tumultuous weather-related periods in recent memory. Insurers across the country have had to respond quickly and help thousands of customers regain their footing – and that includes Intact Financial Corporation.
The company has provided a market update on the impact of these events, suggesting that its catastrophe losses for the quarter-to-date stand at around $1.1 billion on a pre-tax basis, net of reinsurance. This is significantly above the expected levels for the third quarter of the year.
In its statement, Intact highlighted that its teams were working 24/7 to support customers through the claims process and with the assessment of damages. It noted that it had deployed all its resources across the impacted areas.
Its update stated that nearly every customer affected had been contacted in Quebec, with adjusters and appraisers working with customers. Meanwhile, in Ontario, its restoration supplier, On Side, had sent more than 1,000 into the field to assist homeowners and businesses. Meanwhile, in Alberta, it has a claims team on the ground as residents return home in Jasper.
“This is an exceptionally challenging and stressful time for thousands of Canadians and our top priority is to help customers get back on track as quickly as possible.” said Charles Brindamour (pictured), chief executive officer of Intact Financial Corporation. “Our organization continues to show operational and financial resiliency in the face of these unusually severe weather events, with strong underlying performance, a robust balance sheet and mid-teens operating ROE. We expect these extreme weather events to add further pressure to current market conditions.”
In a separate release, the Insurance Bureau of Canada updated its own claims statistics for Quebec.
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