TORONTO, Aug. 31,
2023 /CNW/ - Intact Financial Corporation (TSX: IFC)
has deployed its catastrophe response plan to support customers
impacted by the ongoing wildfires in British Columbia and the Northwest Territories. We have already started
the claims process for many of our customers, and rebuilding
efforts will begin in the affected communities over the coming days
and weeks.
"These are difficult times for our customers and their
communities. We are entirely focused on getting them back on track
as quickly as possible," said Charles
Brindamour, Chief Executive Officer of Intact Financial
Corporation. "Our employees across Canada are supporting customers by providing
confirmation of coverage and funding for additional living
expenses, and are on the ground where possible to offer
assistance."
We estimate that the catastrophe losses incurred to date in
Q3-2023 from wildfires and other weather events amount to
approximately $570
million1 pre-tax, or $2.40 per share. Given that the wildfires are
still active, actual losses may differ from this estimate. We will
issue an update in early October if catastrophe losses increase
materially by the end of the quarter.
Helping customers when they need us most
Our teams stand ready to support customers as they assess
damages and begin to restore their lives.
Customers can contact us 24/7:
- Intact Insurance: Call 1 (866) 464-2424 or visit
www.intact.ca
- Belairdirect: Call 1 (877) 270-9124 or visit
www.belairdirect.com
1
|
These estimated losses
relate to a number of events in July and August, none of which met
the threshold for reinsurance under IFC's catastrophe reinsurance
treaties.
|
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, statements relating to estimated catastrophe losses,
including on a per common share basis, and the Company's response
to ongoing wildfires. 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 Q2-2023
Management's Discussion and Analysis (Sections 19-20), and the
Company's Management's Discussion and Analysis for the year ended
December 31, 2022 (Sections 30-34),
in Notes 10 and 13 of the Company's Consolidated Financial
Statements for the year ended December 31,
2022 and in the Company's 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.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