Intact Financial Corporation, a Canadian property and casualty insurer, has estimated total catastrophe losses for the first quarter of 2025 of approximately $244 million, pre-tax and net of reinsurance.
Personal lines contributed $82 million, while commercial lines losses were higher at $162 million.
The insurer’s personal line losses were in Canada, driven by weather events, including water damage and ice storms in Ontario.
Meanwhile, the UK and Ireland contributed $87 million to the total loss estimate, also driven by weather events, water damage and storms in the region.
In the US, catastrophe losses were primarily related to commercial fires and property loss, adding a total of $47 million to the estimate.
Additionally, the insurer explained, losses of $30 million, pre-tax and net of reinsurance, related to the UK storms were incurred in the firm’s exited UK home insurance operations.
These losses will be reported within Exited Lines underwriting results in Q1 2025.
The post Intact estimates Q1’25 cat losses at $244m appeared first on ReinsuranceNe.ws.
