TORONTO, Oct. 10,
2024 /CNW/ - Intact Financial Corporation (TSX: IFC)
today provided an update to the market regarding catastrophe events
in the third quarter of 2024.
The company estimates that total catastrophe losses1
for the quarter were approximately $1.2
billion on a pre-tax basis and net of reinsurance
($5.03 per diluted share after-tax).
This includes the previously disclosed estimate of $1.1 billion in weather-related losses provided
on August 21, in relation to 4 severe
events in Canada, namely
torrential rains in Southern
Ontario, wildfires in Jasper, hailstorm in Calgary and flooding in Québec.
The increase in the estimate reflects additional events in
September which occurred mainly in the UK&I and US, including
Hurricane Helene, Storm Boris as
well as heavy rains in the UK.
"Our priority continues to be supporting customers through the
claims process." said Charles
Brindamour, Chief Executive Officer of Intact Financial
Corporation. "We are leveraging our investments in On Side and the
Intact Service Centres to provide immediate and local on-the-ground
support for impacted customers. In fact, we have already closed
almost 50% of the approximate 50,000 claims related to the 4 severe
Canadian weather events."
The table below provides a breakdown of the catastrophe losses
by reporting segment:
|
(in millions of
Canadian dollars)
|
Canada
|
UK&I
|
US
|
Total
|
|
Personal
Auto
|
113
|
-
|
-
|
113
|
|
Personal
Property
|
723
|
-
|
-
|
723
|
|
Commercial
Lines
|
298
|
68
|
14
|
380
|
|
Total current
accident year CATs
|
1,134
|
68
|
14
|
1,216
|
|
1 For
details on our catastrophe loss expectations and definition, please
refer to Section 10 in our Management's Discussion and Analysis for
the year ended December 31, 2023, which is included for reference.
This document is available on our website
at www.intactfc.com and on SEDAR+
at www.sedarplus.ca.
|
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Intact has grown organically and
through acquisitions to over $22
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through agencies and a
wide network of brokers, including its wholly owned subsidiary
BrokerLink. Through belairdirect, Intact distributes directly to
consumers. Intact also provides affinity insurance solutions
through affinity groups, travel insurance, as well as exclusive and
tailored offerings through Intact Prestige.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
In the U.K., Ireland, and
Europe, Intact provides personal,
commercial and/or specialty insurance solutions through the RSA,
NIG and FarmWeb brands.
Forward-Looking Statements
Certain statements made in this press release are
forward-looking statements. These statements include, without
limitation, statements relating to estimated catastrophe losses,
including on a per common share basis. The words "may", "will",
"would", "should", "could", "expects", "plans", "intends",
"trends", "indications", "anticipates", "believes", "estimates",
"predicts", "likely", "potential" or the negative or other
variations of these words or other similar or comparable words or
phrases, are intended to identify forward-looking statements.
Unless otherwise indicated, all forward-looking statements in this
press release are made as of the date hereof and subject to
change.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In the case
of estimated claims and losses, due to the preliminary nature of
the information available to prepare estimates, future estimates
and the actual amount and categorization of claims and losses
associated with events described above may be materially different
from current estimates.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in the "Risk Management" sections of the Company's Q2-2024
Management's Discussion and Analysis (Section 13), and the
Company's Management's Discussion and Analysis for the year ended
December 31, 2023 (Sections 26-30),
in Notes 10 and 12 of the Company's Consolidated Financial
Statements for the year ended December 31,
2023 and in the Company's Annual Information Form dated
February 13, 2024, all of which are
available on our web site at www.intactfc.com or on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect the Company. These
factors should, however, be considered carefully. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, the Company cannot assure investors
that actual results will be consistent with these forward-looking
statements. Investors should not rely on forward-looking statements
to make decisions and investors should ensure the preceding
information is carefully considered when reviewing forward-looking
statements made in this press release. Undue reliance should not be
placed on forward-looking statements made in this press release.
The Company has no intention and undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
SOURCE Intact Financial Corporation
