The last quarter of 2021 saw Intact Financial see estimated catastrophe losses of approximately $186 million, on a pre-tax basis.
According to the insurer, about 55% of the catastrophe losses were centred on its Canadian segment – roughly half were related to personal property. Intact highlighted that this result mostly reflected the impact of floods in BC in November, as well as windstorms across Ontario and Quebec in December.
Meanwhile, about 20% of the losses were attributable to the UK and Ireland segment, while 5% were seen in US specialty lines, Intact said.
"Our teams have been working tirelessly to quickly get our customers back on track. The unprecedented flooding in British Columbia last November serves as a reminder that as a society we need to take immediate action to adapt to a changing climate," said Intact Financial CEO Charles Brindamour.
In November, severe flooding caused by a so-called “atmospheric river” struck parts of BC, causing an estimated $450 million in insured damages. The weather event has been declared BC’s most expensive to date.
Despite the losses and increasing challenging weather, Brindamour gave assurances in a statement that the performance of Intact’s business “continues to be strong.”
Despite the severity of the flooding in BC, Intact’s Q4 losses are actually much lower than those of the previous quarter. The company estimated that it saw a more substantial $365 million (pre-tax) in catastrophe losses in Q3 2021. But much like the fourth quarter, severe weather events in Canada caused most of the damage in the third quarter, accounting for 60% of the losses sustained during the period.
