TORONTO, July 10,
2023 /CNW/ - Intact Financial Corporation (TSX: IFC)
today announced estimated catastrophe losses1 for the
second quarter of 2023 of approximately $421
million on a pre-tax basis net of reinsurance ($1.79 per share after-tax).
The table below provides a breakdown of the catastrophe losses
by reporting segment:
(in millions of
Canadian dollars)
|
Canada
|
UK&I
|
US
|
Corp &
Other
|
Total
|
Personal
Lines
|
252
|
-
|
-
|
-
|
252
|
Commercial
Lines
|
83
|
62
|
24
|
-
|
169
|
Total current
accident year CATs
|
335
|
62
|
24
|
-
|
421
|
- Nearly half of the losses in the Canada segment were attributable to wildfires,
with the greatest financial impact coming from Atlantic Canada. Other notable losses included
an ice storm and a flood in Quebec
earlier in the spring.
- In the UK&I and US, catastrophe losses were both weather
and non-weather related.
"Our teams are working to get customers back on track amid a
very active season for catastrophes – a reminder of the growing
impact of climate change on both forest fires and severe weather
events." said Charles Brindamour,
Chief Executive Officer of Intact Financial Corporation. "We will
continue to leverage our expertise in building climate resilient
communities. Through our collaboration with the Intact Centre on
Climate Adaptation at the University of
Waterloo, there are tools available to educate Canadians on
cost-effective measures to protect their homes from the growing
threat of wildfires."
1 For details on our catastrophe loss
expectations, definition and disclosure policy, please refer to
Section 11 in our Management's Discussion and Analysis for the year
ended December 31, 2022, which is
incorporated by reference. This document is available on our
website at www.intactfc.com and on SEDAR at www.sedar.com.
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. Our business has grown organically
and through acquisitions to over $21
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
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 UK, Ireland, and
Europe, Intact provides personal,
commercial and specialty insurance solutions through the RSA
brands.
Forward-Looking
Statements
Certain statements made in this press release are
forward-looking statements. These statements include, without
limitation, on a per share basis and by line of business:
statements relating to claims, catastrophe losses and
non-catastrophe losses, their origin and geographic location, the
anticipated effect on performance and combined ratio and the
anticipated effect of applicable and future tax regulations. All
such forward-looking statements are made pursuant to the 'safe
harbour' provisions of applicable Canadian securities laws.
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 our Q1-2023 Management's
Discussion and Analysis (Sections 21-22), and our Management's
Discussion and Analysis for the year ended December 31, 2022 (Sections 30-34), in Notes 10
and 13 of our Consolidated Financial Statements for the year ended
December 31, 2022 and in our Annual
Information Form dated February 7,
2023, all of which are available on our web site at
www.intactfc.com or on SEDAR at www.sedar.com. 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. When relying on forward-looking
statements to make decisions, investors should ensure the preceding
information is carefully considered. 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