Intact Financial has revealed that for the second quarter of 2020, it saw estimated catastrophe losses of approximately $124 million, pre-tax ($0.64 per share after-tax).
The company said that the losses were all weather-related, primarily reflecting the impact of a hailstorm in southern Alberta and flooding in Fort McMurray. About 95% of the losses were recorded in Canada, with 70% of those losses in personal lines.
The June 13 hailstorm that hit Calgary has been estimated by Catastrophe Indices & Quantification Inc. to have caused nearly $1.2 billion in insured losses – making it the costliest hailstorm event in Canada, and the fourth costliest natural disaster in Canadian history.
“Despite the challenge of the COVID-19 crisis, our teams have responded quickly and worked tirelessly to help get our customers back on track,” said Intact Financial CEO Charles Brindamour. “We continue to focus on the safety and well-being of all our employees, while being there for customers and brokers when they need us most.”
Brindamour added that in recognition of the financial hardship caused by the COVID-19 pandemic, Intact Financial has provided more than $310 million in relief - in the form of premium adjustments and payment flexibility – to over a million customers.
