Intact Financial Corp on Monday announced estimated third-quarter catastrophe losses, net of reinsurance, of $270 million pretax ($199 million after tax or $1.51 per share).

In aggregate, 10 events led to the catastrophe losses in the quarter, including hail storms in Alberta and rain storms in Ontario and Quebec.

“This summer’s events have taken an emotional toll and caused considerable disruption to thousands of Canadians from coast to coast,” said Jean-François Blais, president of Intact Insurance.

“It has become clear that we must adapt our homes, cities and infrastructure to today’s changing weather patterns,” he added. “By offering sustainable and viable protection and promoting greater customer awareness of available prevention measures, we can ensure that our communities are safe, resilient and strong.”

Source: Intact Financial Corp

Topics Catastrophe Profit Loss Canada