Intact Financial has issued a release that details its estimated catastrophe loss for the second quarter of 2018.
The company projected that the quarter’s losses would be around $142 million on a pre-tax basis ($0.75 per share after-tax).
In its release, Intact said that the losses reflect the impact of three recent storms that hit the central Canada area in April and early May – the storms caused severe ice, rain, and wind.
Notably, the company pointed out that two-thirds of the losses were concentrated in personal property; most of the remainder was in commercial lines.
In June, the Insurance Bureau of Canada reported that a windstorm that affected both Quebec and Ontario in May was one of the region’s costliest disasters in history. The windstorm caused $410 million in insured damages to both regions – of that amount, $380 million of the damage was recorded in Ontario alone.
