Intact Financial Expects to Book C$200 Million in Catastrophe Losses in 4Q

By Adriano Marchese

Intact Financial said it expects to incur about 200 million Canadian dollars ($149.3 million) in catastrophe losses in the fourth quarter which will weigh on income in the period.

The Canadian insurer said Friday it estimates to have incurred the largest losses were in its U.K. and International segment, with total catastrophe losses estimated at C$152 million on a pretax basis and net of reinsurance.

In Canada, estimated losses in personal lines and commercial lines are expected to be C$6 million and C$24 million, respectively, while in the U.S., losses are forecasted to be at C$18 million.

Intact expects this will weigh on the company by about C$0.85 a share on net operating income.

Additionally, the company said that it booked through its U.K. home insurance operations catastrophe losses of C$65 million, pretax and net of reinsurance, related to two windstorms in October. These losses will be reported in the exited lines in its fourth quarter results.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

January 12, 2024 07:57 ET (12:57 GMT)

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