Intact estimates CAD$200m cat losses in Q4

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Intact Financial Corporation, the Canadian property and casualty (P&C) insurer, has estimated total losses from catastrophe events in the fourth quarter of 2023 of approximately CAD $200 million, on a pre-tax basis and net of reinsurance, for it’s continuing and exited lines of business.

intact-logoThis compares to the $611 million that the P&C insurer posted for the third quarter of 2023. 

The insurer said that it expects losses in their UK & Ireland (UK&I) business to contribute CAD $152 million of losses, with $65 million of those losses being driven by two severe windstorms that took place in October, Storms Ciaran and Babet.

Broken down by segment, in Canada, estimated losses in personal lines and commercial lines are expected to be CAD $6 million and CAD $24 million, respectively.

While in the US losses are forecasted to be at CAD $18 million.

Intact noted that in Canada and the US, catastrophe losses were both weather and non-weather related.

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