Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance.
The figure is up on the CAD 570 million announced for July and August, although the additional CAD 41 million is all from non-weather events.
Intact reveals that more than 90% of the losses in the Canada segment were driven by 14 severe weather events, including floods in Atlantic Canada, Quebec and Ontario, as well as hailstorms in Ontario, Alberta and Manitoba.
Approximately a third of the losses were attributable to the wildfires in British Columbia and the Northwest Territories.
Broken down by segment, personal auto lines saw losses of CAD 53 million in Canada, while personal property experienced the highest load at CAD 391 million, also in Canada.
The commercial lines segment saw a loss of CAD 156 million in Canada, and a loss of CAD 11 million in the US, which were caused by a hailstorm and a tornado in Arkansas.